House Raffle

[jil777]

Since the Devon 'illegal lottery' was featured on BBC Breakfast on August 26th the number of these highly suspect lotteries are increasing at an incredible rate.

My count is now in double digits.

Competitions, which are based on skill, knowledge or judgment, are not regulated.

All games of chance are regulated by the Gambling Commission.

The Gambling Commission is also supposed to police the boundary between the two. Unfortunately, as the Devon lottery has so far been able to get away with it, their track record in this area (so far) is not very good.

[rhubarb]

If you were to win a house in a raffle, would there be tax to pay on it ?

Rhubarb

[Ravello]

"they" say the deeds etc are held by their solicitors......

I thought you would need to register with the "Lottery Commission" or somebody - aren't bookies & casios registered?

Bookies yes, but you can own a calculator or watch largely unfettered

[Bluebird]

or stick the money in an offshore account and head for panama? tell everyone that someone ficticious won it?

or is the money in a holding account held by an independeny third party? a firm of accountants?

"they" say the deeds etc are held by their solicitors......

I thought you would need to register with the "Lottery Commission" or somebody - aren't bookies & casios registered?

[BrilloPad]

yes their question is - what is the capital of Wales - Cardiff/Glasgow/London!

hmmmm - a tough one eh? can I take 50/50 please?

[BrilloPad]

they simply give the cash raised as the prize.. it'll be a clause of the raffle that unless all tickets are sold, the house stays with current owners

or stick the money in an offshore account and head for panama? tell everyone that someone ficticious won it?

or is the money in a holding account held by an independeny third party? a firm of accountants?

[Bluebird]

yes their question is - what is the capital of Wales - Cardiff/Glasgow/London!

[Moscow Mule]

In order for it not to fall foul of the lottery laws there has to be an element of skill, such as a question only 20% (ish) of the population could answer. Otherwise they will be prosecuted.

Search the beeb website for such a case.

[Bluebird]

If less than 40k tickets sold, then prize will be a cash value of:

Revenue less Charity Donation & Costs

Charity Donation is deemed as being one eigth of sales

ie 20k tickets sold = £200,000
Less charity [ £25k ] less costs [ £25k ]
Prize = £150,000

[chef]

they simply give the cash raised as the prize.. it'll be a clause of the raffle that unless all tickets are sold, the house stays with current owners

[BrilloPad]

I has given a chance to enter a "raffle" over the weekend - £10 a ticket for the chance to win a £300k house.

Draw is made after 40k tickets sold, £50k to charity - organiser pockets the £350k making a nice profit.

Are these schemes supposed to registered with some sort of gvt body ?

any ideas how they work - I was thinking of doing the same with the house I can't sell.

thing that worries me is the valuation. current market like trying to catch a falling knife.

what happens if less than 40k tickets sold?

If they get 40k tickets sold they will do very well.

[Bluebird]

I has given a chance to enter a "raffle" over the weekend - £10 a ticket for the chance to win a £300k house.

Draw is made after 40k tickets sold, £50k to charity - organiser pockets the £350k making a nice profit.

Are these schemes supposed to registered with some sort of gvt body ?

any ideas how they work - I was thinking of doing the same with the house I can't sell.