Do You Pay Tax On Prize Money? | A Comprehensive Guide
When it comes to winning a prize, whether it’s from a lottery, competition, or game show, the thrill of victory is often followed by a pressing question: "Do I need to pay tax on this prize money?" This is a question that many people in the UK grapple with, especially given the variety of ways in which one might win a prize. From large lottery jackpots to smaller local competitions or professional awards,