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?
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Competition winnings are tax free per UK law. This isn’t the case in all countries but it is in the UK. It’s simply mentioned because people may not know it, which may entice them to give it a chance. Also since your average Joe Schmoe may not know that competition prizes are tax free, it may even sound like they’re doing something special for it to be tax free, much like you assumed the case to be by hearing it.
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