|Posted: June 22, 2013, 2:04 am - IP Logged|
The Euromillions is currently 157 million British pounds or about 242.8 million US dollars. If one person in the UK wins this jackpot, they will take home more money than Powerball winner Gloria Mackenzie.
Gloria Mackenzie won a lump sum of 370.8 million US dollars before federal income tax. Take 39.6% away for income tax and she'll be left with about 222.8 million US dollars.
If one person in the UK wins the Euromillions, they will take home 242.8 million US dollars because the UK does not tax lottery winnings.
As a matter of fact all prizes for the Euromillions, including the jackpot, are tax free for all European countries (except in Switzerland, Spain and Portugal since 2013) and are paid as a lump sum.
On the other hand, Powerball and Mega Millions are advertized as annuities and the winner is responsible for federal income tax and possibly state income tax as well.
The Euromillions is a great deal for you Josh if you win, good luck!