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  • Prizes and awards

    You must declare certain prizes and awards you receive in your tax return.

    This includes the value of any prizes or benefits you receive from a prize draw or lottery run by your:

    • bank
    • building society
    • credit union
    • investment body.

    Prizes may include cash, low-interest or interest-free loans, holidays or cars.

    However, you don't need to declare prizes won in ordinary lotteries such as lotto draws and raffles.

    If you win prizes as a game show contestant, you only declare prizes you win if you receive regular appearance fees or game-show winnings.

    If you sell or otherwise dispose of an asset that was a prize from a lottery, you must declare any capital gains you make in your tax return.

    Last modified: 26 Apr 2023QC 72115