With 198 million euros in the Euromillones Friday and 15 million from Extraordinary Father’s Day Draw of National Lottery This Saturday, it is difficult to control the imagination and not start spending the money from the awards in our imagination.
The car you have always wanted (but you have never been able to afford until now), a new home, a house for summer, another for the skiing season, a trip to the antipodes, a gift to Dad for Father’s Day (and another for mom because it is ugly to leave her out with so many millions) … The list can be infinite, but eye! Not all the money from the awards goes to the bank account of the graceful.
Finance rubs your hands with almost every and every one of the awards. Euromillones, the primitive, extraordinary raffles of the National Lottery (and the non -extraordinary), the extra coupon of the eleven … does not save any of the collection trigger of the Tax Agency.
Lotteries and Betting Awards Tax, and how to calculate what is taken
As indicated in the Fifth Additional Provision of IRNR Lawsince January 1, 2020, all awards exceeding 40,000 euros are forced to pay taxes. In other words, if you have won 40,000 euros a lower prize, the prize is tax free. Otherwise, it’s time to make accounts with the Treasury.
To know how much money the State will take and how much you will end up entering your bank account, Just calculate 20% of the prize that has touched you. Of course, remember that The first 40,000 euros are tax exempt, So before, you must subtract that amount from the total amount of the prize. It is then that you have to apply that 20%tax. The result is the money that is taken.
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