Lottery syndicate agreement

Are you in a lottery syndicate? Did you know that any winnings (football pools, National Lottery etc.) by the syndicate leader are potentially chargeable to inheritance tax as part of their estate? So what do you need to put in place before the big win?

Protect the syndicate leader

The good news is that as long as a simple agreement is in existence (and drawn up before the big win!) any winnings by the syndicate are not chargeable to inheritance tax as part of the leader’s estate. The prior agreement can be verbal or written but we recommend that a written record is made, such as our Lottery Syndicate Agreement. (It’s not necessary to lodge this with HMRC Trusts & Estates (formerly the Capital Taxes Office)).