Is it too much? UK EuroMillions ticket-holder wins £111.7m

adidan · 6 Jun 2023 at 08:03

cheesefest said:
We pay tax on our lottery tickets, unsure of USA.

Depends on the State I think amongst other things.

The guy who won $2 billion (?!??!?) last year took it in a lump sum so got $600 or $700 million after taxes. You can take it bit by bit each year and keep all the money though (I think?).

rexehuk · 6 Jun 2023 at 08:13

adidan said:
Depends on the State I think amongst other things.

The guy who won $2 billion (?!??!?) last year took it in a lump sum so got $600 or $700 million after taxes. You can take it bit by bit each year and keep all the money though (I think?).

Well... Americans get taxed whereas we don't.

I'd definitely stay quiet if I won this sort of amount. Probably start my own Nigerian prince scam email service, where it's actually real.

Demon · 6 Jun 2023 at 08:14

Nah, it's not too much.

Eveyone that enters understands that is the game device at play, if it was unfair in any way then people should enter a lottery that has less of a primary pot and more equally distributed winnings.

Kind of a none question surely?

adidan · 6 Jun 2023 at 08:23

rexehuk said:
Well... Americans get taxed whereas we don't.

Oh I misread cheesefests post. Yeah, tax on gambling here went out quite a while ago.

Back in the day you could choose to pay when you place the bet or after if it won iirc. Don't pay at the start and it was obviously cheaper but win and have to pay on that, well, the tax takes a bit of the gloss off

Nate75 · 6 Jun 2023 at 08:25

You would almost be able to afford a 4090 AND a Freddo bar

Raymond Lin · 6 Jun 2023 at 08:30

adam cool dude said:
I would be thinking more of get myself a pilots licence then fly everywhere in a Spitfire.

That would be amazing! flying lessons would be something i'd do but cost prohibitive, although that's Step 3 or 4.

Step one is to take care of everything, like a foundation of finances, slice of a portion as backup fund, lock money away, sort out family and all the accommodation.

Step 2 is buying the possessions that was once too far out of reach but now can buy, like a Porsche, or that new Defender I saw this morning, and a Suzuki Jimny!

Step 3 is the experiences, so I guess flying lessons, traveling etc

SpellowHouse · 6 Jun 2023 at 08:46

I would probably buy a large estate down South. Pick one of those small Cornish seaside villages. It would be nice to put money in to local community and business... they have had some hard times of late and face even more with climate change.

rexehuk · 6 Jun 2023 at 09:18

Nate75 said:
You would almost be able to afford a 4090 AND a Freddo bar

Only 4000 series though, 5000 series is out of reach with inflation.

To be honest, with 100m in the bank you could never spend it if you're smart. Just in a bank alone you're going to be making 5m+ a year, which is more than enough for most people. There is a reason the super wealthy are so wealthy... it's a snowball effect.

dirtychinchilla · 6 Jun 2023 at 10:16

SexyGreyFox said:
You read his post wrong, he wants to pay off the mortgage he already has.

However, there are people who have won vast amounts of money and still had a mortgage which I don't understand, just buy the thing.

The interest rate on having the money in the bank could easily exceed the interest rate on the mortage (or maybe could have a few years ago).

bigmike20vt · 6 Jun 2023 at 10:29

Baldbloke said:
Is it too much?

UK EuroMillions ticket-holder claims £111.7m prize

The winner becomes the 18th UK player to win more than £100m in a EuroMillions jackpot.

www.bbc.co.uk

Should it have been 111 people win one million?

Would they sell more or less tickets?

sadly in these modern times 1 mil is not even enought to retire on at 60.

also i would like to sort out my family and closest friends......... with all that in mind, if tax free then i would prbably prefer 11 x £10mil payouts. This would be enough to chuck closest mates and more distant family 50k, closest family 100k, a few mil in a trust for my lad, then 5 mil to sort my wife and I out for life.

godinman · 6 Jun 2023 at 10:30

I would worry about my kids to be honest, I know there's a big problem with the trust fund types especially in America, they often end up going off the rails because there's nothing to work for..

I would however like the money, I'd spend a lot of it buying as large an area of land as possible and setup a charity or some such where I work to re-wild the area, plant trees, manage the ecosystem, introduce species that are struggling where possible. Would need to employ some people who actually know wtf they're doing.

bigmike20vt · 6 Jun 2023 at 10:36

godinman said:
I would worry about my kids to be honest, I know there's a big problem with the trust fund types especially in America, they often end up going off the rails because there's nothing to work for..

I would however like the money, I'd spend a lot of it buying as large an area of land as possible and setup a charity or some such where I work to re-wild the area, plant trees, manage the ecosystem, introduce species that are struggling where possible. Would need to employ some people who actually know wtf they're doing.

its all about how you bring them up..... a very close mate of mine (who would not need any money from me in my pretend winning) was bought up in an incredibly wealthy family.

obviously he never wanted for anything in terms of the vital stuff, and he had a good education but other than that he worked for everything else and is now more successful than his parents.......... his safety net meant he could do stuff most normal people could not, so dont think i am saying the money didnt give him a huge advantage because it did........ but equally he isnt some trust fund brat either. (i holidayed with him in vegas once.... wow! that was an experience, i got to hang off his coat tails and get all the luxuries.... he played for megaucks whilst i was throwing down my $1 chips

- I got 10 times more in free food and drink than i gambled with on the table)

btw not sure how much tropical islands go for these days but i would definitely like one of those

........ I would have to be careful however, the maldives for instance may not be around for much longer so would steer clear of atols.

dowie · 6 Jun 2023 at 10:43

adidan said:
Depends on the State I think amongst other things.

The guy who won $2 billion (?!??!?) last year took it in a lump sum so got $600 or $700 million after taxes. You can take it bit by bit each year and keep all the money though (I think?).

No, you get taxed either way if you're a US resident or citizen, you'd need to be a non-citizen and resident in a country with a tax treaty with the US (UK has one) and buy the ticket while in the US on holiday/business to avoid US federal tax (and in a state with no state income tax to avoid that too).

The headline figure is just used for marketing and is the total value of the annuity pre-tax if you take that option. The lump sum option is the actual jackpot fund at the time of the draw and is usually reduced further by taxes.

SexyGreyFox · 6 Jun 2023 at 10:43

dirtychinchilla said:
The interest rate on having the money in the bank could easily exceed the interest rate on the mortage (or maybe could have a few years ago).

If, unlike my mate, you had the willpower to leave that money in the bank for 25 years.
He didn't last a year.

dowie · 6 Jun 2023 at 11:06

dirtychinchilla said:
The interest rate on having the money in the bank could easily exceed the interest rate on the mortage (or maybe could have a few years ago).

Not usually, else banks wouldn't make money.

Quartz · 6 Jun 2023 at 11:07

rexehuk said:
Well... Americans get taxed whereas we don't.

Actually, we pay tax on the ticket; they pay tax on the prize. The State wins regardless.

krooton · 6 Jun 2023 at 11:17

Median salary in 2022 was £33k

£26.5k per year take home.

Lets assume this average person earns less in the first half of their career, and more in the last half, resulting in the median being averaged across their entire 50 year working life.

That would put their life-time take-home at £1,325,000 (assuming all things stay relative like taxes, inflation, etc)

Yes this VERY rough, but it helps a bit to put a million in to perspective for the average person.

sidimmu · 6 Jun 2023 at 11:46

No such thing as too much money, only too many toys.

It would change my life drastically and I'd become a proper ******, but I'd be a minted ****** with a trophy wife, super cars and a cracking house.

Although taking it back to the OP's question, I do think the money should be split further to change the life's of more people and not just one mega lucky person.

Feek · 6 Jun 2023 at 11:59

adidan said:
Back in the day you could choose to pay when you place the bet or after if it won iirc. Don't pay at the start and it was obviously cheaper but win and have to pay on that, well, the tax takes a bit of the gloss off

I remember those days, going into the bookies, handing over the slip and saying "I'll pay the tax".

adidan · 6 Jun 2023 at 12:06

Feek said:
I remember those days, going into the bookies, handing over the slip and saying "I'll pay the tax".

I never understood why you wouldn't.

I mean if you're not paying the tax when you place the bet then you're not expecting to win so there's no point placing the bet.