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Prizes and awards

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

Last updated 25 April 2023

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.

QC72115