do you want it or not

**blott** · 21-11-2004, 16:19

Mmmm, I suppose you all know that you have to pay costs and taxes on your, er, prize?

As in competition rule 15:

The winner is advised (a) that he or she shall take independent legal advice prior to entering into the above-mentioned binding contracts or documentation, (b) that the winner may incur costs in ensuring the completion of transfer of the prize from the property builder/developer to the winner, (c) the Promoter will contribute up to £5,500 towards the winner’s administrative, legal, tax or other mandatory costs directly connected with the legal transfer to the winner of the prize, (d) due to the nature of the prize, the process of transfer of the ownership of the prize to the winner will take place on completion of the property, (e) that there will be ongoing costs in the maintaining and running of the property awarded as the prize (including without limitation the payment of utilities and local taxes) all of which will be the responsibility of the winner from the date ownership, title or benefit in the property passes to the winner and (f) that the Promoter makes no representations in respect of any tax or other liabilities (if any) due from any winner arising from the transfer of the property to the winner and the Promoter shall not be liable in any circumstances for the same.[/i]

**jolliffee** · 21-11-2004, 17:14

Oh well, I entered anyway[msnwink]

**LiesaAnna** · 21-11-2004, 17:45

thanks for that very useful piece of info!!!!! <span style="color:red">not, </span id="red"> i suppose we're all supposed to pull out from this comp and let someone else win!!!!have you entered Blott?[msnwink]

no joking aside, its something that you deal with if and when it happens!! and lets face it whats the chances of that happening<span style="color:red">???????????????</span id="red">[msnwink]

**blott** · 21-11-2004, 18:10

Sooorrrry! Please don't shoot the messenger! [angel]

I remember a discussion the last time it was on and finding that out afterwards and being thankful we didn't win! No, I haven't entered this time as I don't have enough pennies to pay the expenses for it...

The chances of winning must be (if they made at least £1 million last time), er, 1:1 million+ I guess? [msneek] But, then, you could be the one!

**tezz7628** · 21-11-2004, 18:34

blott

is there any difference between on going cost of prize villa or the ongoing cost of a villa thats been bought?

i honestly dont know am wondering

no i haven't entered

**blott** · 21-11-2004, 19:04

None I don't think. But it's a large house (5 beds/4 baths?) and the cost of running any Florida home isn't cheap by any stretch of the imagination! [msneek]

**tezz7628** · 21-11-2004, 19:16

would it pay for itself with rental income?

i suppose you havent got mortgage cost or the cost of the house bought outright

**blott** · 21-11-2004, 19:33

That's a bit like asking how long is a piece of string!

Whilst not having a mortgage would help, it may be that you'd have to take out one in order to pay the taxes when it's transferred to your ownership.

This is what Chrizzy posted about the taxes before:

" Taxes.
Any prize you win and accept is taxable, whether it's from a TV game show, a lucky number drawing or a beauty contest. Even a Nobel Prize is taxable.

The taxable amount is equal to the amount of cash you win or the fair market value of the goods or services you receive. And here's the real tax trap: say you win a trip worth $5,000. You owe tax on $5,000, whether you take the trip or not.

To avoid the tax, you need to officially refuse the prize.

Uncle Sam also wants his cut of any money you win from the lottery, raffles, bingo and other forms of gambling.

You can't win if you don't play. But if you win, be prepared to pay."