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What would you do if you won the lottery?

Lotus

I've just read a novel where the central character wins the lottery, and it got me thinking about what I'd do in that situation. I wouldn't want anything "flashy" like an expensive car, rolex watch or jewellery, or a mansion size home. The only thing I'd want is a small home in a quiet area that's detached, to prevent noise issues. I don't really care where, but I'd like it to have a few useful shops and a post office nearby and for Sainsbury's to be able to deliver my groceries, and fairly near the sea would be nice too. Only problem is that I don't actually play the lottery, so it really is a dream!

What would you do if you suddenly had a couple of million?

Parents

  • Depends if I have to pay any taxes for my lottery income. If I do, then I would try to find ways to burn all that cash before I end up in debt!

  • in reply to Jamesmac

    All lottery winnings are tax free, the tax is included in the initial stake. The government don't collect tax from the winners, they take a piece of each ticket sale.

    If you win £3m you get all £3m in your bank account.

    You only pay tax on any interest you get over your annual allowance, same for any capital gains you make from investments.

    I believe for large wins the lottery provide you with financial advice. You wouldn't want to leave it all in one account as they are only protected up to £120k, raised from £85k in December. 

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  • in reply to Jamesmac

    All lottery winnings are tax free, the tax is included in the initial stake. The government don't collect tax from the winners, they take a piece of each ticket sale.

    If you win £3m you get all £3m in your bank account.

    You only pay tax on any interest you get over your annual allowance, same for any capital gains you make from investments.

    I believe for large wins the lottery provide you with financial advice. You wouldn't want to leave it all in one account as they are only protected up to £120k, raised from £85k in December. 

Children