SO WHEN DO THEY GET THE MONEY? AND IS IT TAXABLE?

National Lottery’s answers to the many questions the lottery winners will have:

How long does it take to collect the funds from EuroMillions participating countries?

Typically four to five days. The National Lottery expects the money to be available for collection by the middle of next week.

What advice do the National Lottery give the winners after they make contact?

The National Lottery advise winners to sign the back of the ticket and stay calm. After that, winners are advised to get good independent legal and financial advice. The National Lottery will then talk them through the claims process and agree a date for them to come to Lotto HQ to make the claim.

Are winners offered any financial advice from the Lotto?

The National Lottery give winners a ‘Winners Handbook’ and they play them a video giving them general advice. They do not recommend any specific financial advisors to winners but instead suggest they get independent advice.

Where is the money held after the win is announced?

The money is held by the National Lottery until such time as the winners come in to make their claim. They have 90 days from the date of the draw to do so. The money is paid to the winner by cheque. All the syndicate members sign the ticket. One cheque is written and paid to one designated syndicate member and they make their own arrangements as to how the windfall is shared.

What are the tax implications?

Lotto winnings are tax free but money earned on it, such as interest, is taxable. If a winner wants to gift cash to their relatives, the person who receives the gift will be liable for tax on the money.