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Re: Lottery Winnings
i watched a series on lotto winners in America, it seems that each state has different rules regarding the taxable amounts but it was laughable really that folk weren't getting the amounts they thought they were.
One of the wins was around $6m but after taxes and fees they ended up with about $3.5m. Still better than a tenner for 3 numbers but no longer the life changing amount the winner would have thought they were getting.
Winnings of any description should not be taxable. The advertised 'product' you are buying is a jackpot of £x so that is what you should receive. Woudl you be happy to buy a pint and receive only half a pint? no, you'd boycott the pub.
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