If you won 1 million on the lottery, what would you spend it on?

[cailin maith]

Can I just say that I am no Fembot and yes - I would buy those Christian Louboutin shoes

[cailin maith]

and maybe a handbag or 2

[AtW]

You are taxed on all gambling.

Wrong. You are not tax on all of it - the win is tax free. Say if you build business you are taxed all the way - and when you finally get profits you are still taxed. Same should be for gambling - treat it as income.

[Churchill]

If I won a million?

I'd take programming lessons and buy lots of nuts for my little furry friends.

AtW.

[Ardesco]

Yous sure? I know he went bankrupt 3 times before actually making a success of the record stores.

Yes his family was effing minted!!

I can't find the school webby in my 10 second google search but:

http://en.wikipedia.org/wiki/Stowe_School

One of the more expensive schools you can send your children to!

Actually:

http://www.stowe.co.uk/

Linked from the above site...

[DiscoStu]

Wouldn't be worth my while picking it up.

Threaded

[Pondlife]

You are taxed on all gambling. You either pay the tax up front on the stake, or at the end on the winnings. National Lottery just doesn't give you the choice, but a bookie would.

Not anymore. Brown abolished the tax on betting in 2001 IIRC.

[Moscow Mule]

Are you sure ticket sales are taxed? Is there VAT on them?

Either way I think that any win should be treated as income - 40% tax for high rate taxpayers. But of course if this happened less people would play, probably a lot less - so Govt keeps lottery as a tax on fools, in effect "good deeds" by Lottery is private scheme to milk part of what should be normal taxation and put some of it back into where those tax dollars belong.

Why in the hell would the government authorise such a thing if they weren't getting a cut!

http://www.lotterygoodcauses.org.uk/...ollresult.html

For every £1 spent on a National Lottery ticket, 28p goes to good causes.

50p goes towards prizes
12p goes to the Treasury in duty
5p goes to Lottery retailers
5p to the game operator (0.5p of this is profit, the remainder covers operating costs)

[SueEllen]

Yous sure? I know he went bankrupt 3 times before actually making a success of the record stores.

Branson's grandfather was knighted and apparently a judge.

How many poor judges do you know?
How many poor people get a knighthood?

He may not have given money directly to his children but I went to university with a few people whose grandparents paid their public school fees and had set up trusts to benefit them.

[Moscow Mule]

Not anymore. Brown abolished the tax on betting in 2001 IIRC.

Brown abolished the visible tax on betting