3 ms·
£1k in prizes is not £1k cash in hand. If it is merchandise, now the winner has to do all the work involved in reselling it. If it is non-tangible earnings like
by Mediterraneo10 7y ago
£1k in prizes is not £1k cash in hand. If it is merchandise, now the winner has to do all the work involved in reselling it. If it is non-tangible earnings like travel, it cannot be resold at all.
- chaostheory 7y agoIn the US, I believe there's also a 40% tax on winnings. It's on retail value for goods.
- toast0 7y ago> In the US, I believe there's also a 40% tax on winnings. It's on retail value for goods. Contest winnings are income, and therefore subject to income taxes. Contest winnings above a certain amount are subject to withholding, but the winner may need to provide the cash for withholding if the prize is non-monetary and the prize doesn't include an adjustment for taxes.
- stordoff 7y agoWorth noting not in the UK, where Coke lives.