tax on winnings

[lyndylou]

A Friend of mine has won a "bit" of money not enough to have a big organisation ( like the lottery ) to advise her - she has put it into her bank. I wondered if she will need to pay tax on it to stay the right side of the law
Thank you

[Psybbo]

No

[factor-fiction]

No. She may have to pay tax on any interest if she's a taxpayer though

[sandyRoe]

There's tax on winnings. Any interest it earned would be, though.

[sandyRoe]

*There's NO...^

[dzug2]

It does depend a bit on what sort of winnings but if it's gambling, lottery etc - no tax to pay

[joggerjayne]

No, you only get taxed if you work and slave hard for the money.

If you just have a flukey win, you keep it all.

Go figure!

[Wharton]

Your pal has already paid tax on the stake money.

[lyndylou]

Thank you ALL!!