Tax on Prize could be House or Money

[Hen]

There's a GAA club where you can win a house or a cash sum of €265,000.

The first prize is a 4 Bed, Semi-Detached House. The winner(s) will be registered as the owner(s) of the property. The winner of the first prize will be entitled to choose either the house OR a cash sum of €265,000.

So what are the Tax implications or are there any. I've googled but can't find any details.

 

[torblednam]

None. It's classed as gambling, as each participant has a negative expected return. (If the winner was taxed, all of the losers would have to be given tax relief for their loss...)