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.