Inheritance Tax or no IHT ?
Now that the Euromillions lottery is offering huge prizes and also the Millionaire's raffle, I was asked by a friend what the IHT consequences would be if he bought a lottery ticket and gifted half to his children. My immediate thought was that he would need incontrovertible proof that the gift was before the draw and not after. His response was that he could email the numbers to his children after purchase and before the draw.
I believe that the gift would then be the paltry share of the ticket, or am I wrong? I had an instance some years back of a client buying some Premium Bonds for a grandchild who then won £5,000. That was obviously the child's good fortune and little to do with the grandparent.
What do others think?
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