Are Lottery Winnings Taxed in the UK?
In the United Kingdom, lottery winnings are generally not subject to income tax or capital gains tax. This applies to prizes from the National Lottery and other licensed lotteries. Winners receive the full amount without any tax deductions, making it a popular form of gambling. However, it is important to note that if the winnings are invested and generate additional income, such as interest, that income may be taxable. Always consult a financial advisor for personalized advice.
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