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Do you need to tax prize money?

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  • Do you need to tax prize money?


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Answer #1 | 20/12 2013 09:15
Prize money is not taxable in the uk,but if you invest it and make a lot of interest,that is taxable!
Answer #2 | 20/12 2013 10:03
Prizes are tax paid - always in the UK. Not declarable earnings and does not get entered on your tax return. Interest earned IS declarable.
Answer #3 | 23/12 2013 10:28
Prize money would not be taxed, however if you invested it, the interest on that investment 'would' be.

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