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How to Contact and find Mr Tax
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| Inheritance Tax It is well known that lottery winnings are tax free. However, if one person is entitled to the winnings and then shares the money between syndicate members, this could be regarded as a gift by the syndicate leader and if he/she dies within the seven years, the gift could be subject to Inheritance Tax. The solution is to draw up a legally-binding agreement which is in place before there is a winning line. The result is that all the syndicate members are entitled to their share of the winnings and there is no "gift" for inheritance tax purposes. |
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