Bit random but I didn’t know where to post to get an answer. I was watching TV last night when an advert came up for a phone-in competition in which you could win £20,000 tax-free cash. How is that cash tax-free? What do the competiotion hosts do to get that money tax-free?
In: 14
Well they are multiple options based on the country and specific tax laws.
1. Winnings aren’t taxed by law.
2. Winnings are taxed, but it’s the company paying then out that is required to pay them.
3. Winnings are taxed and it’s the winner paying, but the company will give you the winnings + cash to pay the taxes on it.
Latest Answers