A syndicate of unrelated members are subject to CAT limits etc.
I suspect that this is true. If a parent wins, he/she should think about forming a syndicate after the fact, but that is tax evasion and would in theory trigger a tax issue.
I assumed that once you have signed the back of a winning lotto ticket, you are eligible for an equal share of the prize with everyone else who have signed it - regardless of what other "documents" were drawn up / agreed.Which is why I of course have agreed with all my siblings they will get 100K each if I win a couple of million. But I'll be drawing that up in writing prior to them signing the back of the ticket.
I assumed that once you have signed the back of a winning lotto ticket, you are eligible for an equal share of the prize with everyone else who have signed it - regardless of what other "documents" were drawn up / agreed.
I know your a very knowledgeable accountant but are you certain?I understood that you could only gift 325k once every 7 years .The UK doesn't tax gifts at all. In Ireland we wallow in begrudgery every time someone has a stroke of good fortune.
Another large lotto won by a syndicate yesterday congratulations to all members.I find that
recently a lot of the large winners are family syndicates, i wonder how many are formed after the
fact.I know of no better way of passing on wealth to family with zero tax implications.
I know your a very knowledgeable accountant but are you certain?I understood that you could only gift 325k once every 7 years .
In relation to the tax evasion issue it strikes me that retrospective syndicate formation is actually quick, slick and legitimate tax avoidance. Some may regard that as morally reprehensible but it is a debateable point
No, it's tax evasion, plain and simple.
I think now is the time for a poster to put up a template for a syndicate document. Maybe they exist on Lotto website.
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