Prize money

Prize money

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My limited company client has won a a fairly substantial cash prize in a national competition.  I have seen previous threads re whether this is taxable or not, but they are all quite vague.  Can anyone direct me to the relevant section in the HMRC manuals or similar - I am struggling to find anything concrete.

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By thisistibi
18th Oct 2011 10:51

Try

You could try BIM 41800 & BIM41810.  What did the competition relate to - is it linked to the company's trade?  I assume yes.

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By taxhound
19th Oct 2011 19:37

National competiton

It was a national competition open to all businesses and potential businesses.  Obviously they took the trouble to enter but it did not require much effort.

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