Lottery wins and the bank is saying that I have to pay a large sum of money as tax before it can be released.How much tax does the govt. will charge ?
How much tax is it applicable on lottery funds which is not yet been receive into the bank account?
I am not 100% sure I understood your question really but if you are talking about tax on lottery winnings, then there is none to pay.
In the UK, competition prizes are exempt from income or any other kind of tax.
Reply:Lottery wins are legally exempt from UK tax as you've paid it when you bought the ticket. They will however tax any interest made on it though. Don't sign any money over and get a solicitor involved, they're wrong.
Contact whoever's running the lottery for advice too.
**it is worth noting though that the bank are within its rights to charge anyone fees for running their bank accounts - but they cannot call it tax**
Reply:Are you sure you are not being conned, There is no tax on lottery winnings. What bank?? I think this is a scam and there are no winnings, Dont pay anything
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