What to Do About Tax Issues
When you win a large lottery prize in the UK, you will have the chance to speak to experienced advisors who have guided other lucky players through what to do with their newfound wealth. They will be able to point you in the direction of financial experts and will recommend the most appropriate banks for you to open an account with based on your own circumstances.
With regards to the issue of IHT, it is a good idea to think carefully about the timing of any gifts you plan to make, and then keep a record of any payments. Your financial advisor will also speak to you about the tax on your interest and discuss possible investments to give you the maximum benefit. It may be a complicated topic, but any advice you receive will be tailored to your own personal situation and one very positive aspect is that your prize will not be subject to the same sort of tax laws as it would be in other countries.
EuroMillions Taxes vs Other Lotteries
EuroMillions offers some of the largest jackpots in the world, and the fact that prizes are not taxed in six of the nine countries makes it stand out even more in comparison with some of the other big lotteries.
American games such as Powerball and Mega Millions, for example, have tax obligations at both a state and federal level, so although these games regularly offer the biggest jackpots out of any lottery in the world, the payouts can end up significantly lower than the pre-draw estimate.
New Yorkers suffer heavier taxes than anyone else in the U.S. In August 2018, one player from the state won a Powerball jackpot advertised at $245.6 million, but they ended up walking away with a significantly lower sum. They opted to take a cash lump sum of $147 million, which worked out as a final payout of $99.4 million – around 40% of the advertised jackpot – after taxes had been deducted.
In EuroMillions, you will be given the specified amount with no deductions if you play in a country which does not tax winnings, such as the UK. The UK player who anonymously claimed £121 million in April 2018, for example, received a much larger payout than the $245 million Powerball winner, even though at first glance it would seem they had not won as much.
December 2002: Site Launch
Back in the prehistoric days of the internet, before Facebook, Instagram, Twitter and YouTube, Euro-Millions.com was launched. At the time, there was approximately 1/50th of the amount of websites in existence that there currently are today. We began offering information to users on how they could win millions of Euros in European lottery games.
February 2004: EuroMillions Launches in France, Spain and the UK
More than a year after Euro-Millions.com went live, the EuroMillions lottery was launched in France, Spain and the United Kingdom. Euro-Millions.com was able to provide results for the exciting new pan-European lottery for the (then) weekly draw and has been doing so ever since.
Fun fact: In the first ever EuroMillions draw, 8.2% of prizes were won in the UK, 15.8% were won in Spain and a whopping 76% were won in France!
May 2008: The First Redesign
With increasing interest in EuroMillions across the continent, we released the first redesign of Euro-Millions.com. The new design brought about an improved user experience, better navigation and more valuable information for you, the user.
December 2008: Multilingual Versions of Euro-Millions.com Launched
As Euro-Millions.com begins to attract users from around the world, French, German, Spanish, Chinese and Russian language versions of the site are launched. This allowed us to begin offering the same valuable information to multiple new audiences.
July 2012: A Record-Breaking Month
Our busiest month to-date continues to be July 2012, thanks to a promotional ‘100 UK Millionaires’ Raffle draw in the UK. The draw on 27th July also marked the opening of the 2012 London Olympics, which the UK National Lottery celebrated by turning 100 EuroMillions players into overnight millionaires. On that weekend alone, more than 10.3 million page views were racked up on Euro-Millions.com!
September 2013: The Second Redesign
As an increasing number of site users are visiting us on mobile devices, our biggest redesign to date was launched on 23rd September 2013. The new layout was optimised with the mobile user in mind, bringing a modern design and improved navigation, making the site easier to access for all users.
October 2015: Login Area and Free Lottery Launched
Due to popular demand, a login area of Euro-Millions.com was launched, allowing users to enter and save tickets into the Checker. This was great news for those running syndicates, who were able to easily manage tickets and members of their syndicates.
The Free Lottery was also launched on the site, offering Daily and Weekly draw prizes for those who match the winning combination.
December 2018: New Languages Added
With Arabic, Dutch and Thai sections added to the site, Euro-Millions.com is now available in 13 languages! They are: English, French, German, Portuguese, Spanish, Italian, Swedish, Dutch, Russian, Polish, Chinese, Thai and Arabic.
January 2020: A New Euro-Millions.com App
A new updated version of the app was launched after lots of hard work behind the scenes, bringing you fresh features to improve your experience. You are now able to scan your tickets (UK only) and see within a matter of seconds if you’ve won a prize. The old design has been thrown out and a completely fresh, modern layout has been implemented.