How do I avoid paying taxes on prize winnings Uk?

[kayode10]

I believe it is a cheating on the winner for the government to tax them 20% of their earnings as it is in United kingdom. I believe governments don't need to show up when the winning comes as they don't show up when the player was losing money with the games.

One of the question I want to ask you guys is that How do I avoid paying taxes on prize winnings? I'll be glad if anyone can show me the right process to go about this.

 

[SlotsMaster]

The only way you can evade taxes after winning huge amount of money in casinos is by bargaining with the owner of the casino. Aside this, you will always pay taxes on any amount you have won.

 

[Cosedi]

I never knew they pay taxes in casinos. I guess there is a lot to learn about these Casino games. Because in sport betting, I don't see them pay taxes on winnings. The only thing I see is the staffs demanding for a little for their own self, which I try to help with.

 

[James108]

You can claim a personal allowance against your prize winnings. This allows you to offset some of your winnings with a certain amount of your annual income, which is tax-free. Also, you can donate a portion of your winnings to charity, which can also be used to reduce your tax liability.

 

[swift]

The only way you can evade taxes after winning huge amount of money in casinos is by bargaining with the owner of the casino. Aside this, you will always pay taxes on any amount you have won.

yeah It is the responsibility of every citizen to pay the appropriate taxes on their income and assets, including gambling winnings. Attempting to evade taxes is a crime that can lead to serious legal consequences.