Thanks. Well I have no intention of running an illegal anything. I have a site which I want to raffle off and am looking to find guidance as to where to start etc. I will try looking for a licence.Strictly speaking, any raffle involving “chance” is regulated by the Gaming and Lotteries Acts. You apply to the local Gardai for a licence. However, these rules are observed more in the breach as I’m not sure the laws are even enforced. Running an illegal lottery can render you liable to prosecution.
Even at that, they aren't lotteries but 'prize competitions' and you have to answer a question to take part. They're doing this to get around specific legislation so they're not true 'raffles'.
These are really good examples of genuine lotteries. Both were granted a licence, and details are included on the relevant websites.
Indeed. There have been a number of these shut down in the UK for not meeting the law.This is indeed done to attempt to get around the law. Though whether it does in fact get around the law is another matter.
Yes I saw that and it seems a very good possibility to raffle my goods. This is a new concept to Ireland but as the site has a fair few Irish properties.there was an article on this very thing in the Irish times at the weekend
The 'profit' would be subject to income tax. So if you sell more than the house is worth, you'd pay income tax on the difference. So you've the really grey area of valuing a house that wasn't sold on the open market.Are the proceeds from the raffle subject to income tax?
Proposed amendments to the Finance Bill will bring some clarity to the tax treatments.The 'profit' would be subject to income tax. So if you sell more than the house is worth, you'd pay income tax on the difference. So you've the really grey area of valuing a house that wasn't sold on the open market.
Anyone should definitely seek professional tax advice before going down this route.