Euromillions €210 million

AndrewJRenko

AndrewJRenko wrote: »

Rich people don't get to force the Government to do stuff. This isn't America.

His idea isn’t bad though.

AndrewJRenko

[Deleted User] wrote: »

His idea isn’t bad though.

We used to have mortgage interest supplement here, but it was dropped about five years ago - not sure why. I can see the value of a short term measure, maybe 6-12 months, but if a mortgage is unsustainable, the State shouldn't really be subsidising it.

flended12

Fann Linn wrote: »

I know a lad who won almost IR£2,000,000 back in the day and who got the begging letters. He kept them all and showed them to us one night in the pub. Pretty embarrassing all round to see some of the neighbours put on the poor mouth.

I hear you, said relation of mine did not go public, 4 days later about a dozen letters were falling through the letterbox, worryingly 7 of them had no stamp and were hand delivered.

startrek56

flended12 wrote: »

I hear you, said relation of mine did not go public, 4 days later about a dozen letters were falling through the letterbox, worryingly 7 of them had no stamp and were hand delivered.

he must have told people around then?

yerwanthere123

I've seen a lot of people say they'd give away a few million to this person, that person etc., but aren't these gifts heavily taxed? Is there a way of getting around them? I'm quite confident it's something I'll never have to worry about, but I'd be sickened if I won tonight, wanted to give away away a few million to friends/family only to find out they'll only actually get about 65% of it.

Yurt2

yerwanthere123 wrote: »

I've seen a lot of people say they'd give away a few million to this person, that person etc., but aren't these gifts heavily taxed? Is there a way of getting around them? I'm quite confident it's something I'll never have to worry about, but I'd be sickened if I won tonight, wanted to give away away a few million to friends/family only to find out they'll only actually get about 65% of it.

If you were giving to relatives, some sort of trust set up would be the way to go about it I'd say. Direct cash gifts would have Revenue taking an immediate cut.

How many people would actually try to be rich, to act rich? In the 19C this was easy enough, there was a class to emulate. When you made your money as an industrialist you would aim to be a Lord. Petition to get a Lordship - and in the meantime buy or build a country estate, with lots of servants, a cook, a butler, some tenants, and fishing and hunting.

With 210M you could do that I suppose. Somewhere. This isn't a full English estate but it is nice.

https://www.daft.ie/for-sale/detached-house-marlfield-house-clonmel-co-tipperary/18256


Not for me though. Penthouse in New York, villa in central Spain, wooden cabin in Finland for the winter.

Strumms

yerwanthere123 wrote: »

I've seen a lot of people say they'd give away a few million to this person, that person etc., but aren't these gifts heavily taxed? Is there a way of getting around them? I'm quite confident it's something I'll never have to worry about, but I'd be sickened if I won tonight, wanted to give away away a few million to friends/family only to find out they'll only actually get about 65% of it.

How could revenue prove it ? Genuine question...

If I wrote you a cheque for one million euros tomorrow... who informs revenue ?

I’m not going to, you are not going to... the bank ? Should not be legally able to... you go to lodge that cheque it’s none of the banks business or shouldn’t be certainty as to how the money was acquired... would they pick up the phone to revenue.. “ we have a client who has has one million euros to deposit, we are not aware as to how they came by and it, they’ve only ever had about 50,000 in the bank now they are depositing 1,000,000 by cheque..”.... I’m no legal expert but I’d imagine there must be a law prohibiting that conversation between the bank and the tax people....

Notdeco

Strumms wrote: »

How could revenue prove it ? Genuine question...

If I wrote you a cheque for one million euros tomorrow... who informs revenue ?

I’m not going to, you are not going to... the bank ? Should not be legally able to... you go to lodge that cheque it’s none of the banks business or shouldn’t be certainty as to how the money was acquired... would they pick up the phone to revenue.. “ we have a client who has has one million euros to deposit, we are not aware as to how they came by and it, they’ve only ever had about 50,000 in the bank now they are depositing 1,000,000 by cheque..”.... I’m no legal expert but I’d imagine there must be a law prohibiting that conversation between the bank and the tax people....

Isnt it anything over 10 grand is reported to the tax office

Strumms

Notdeco wrote: »

Isnt it anything over 10 grand is reported to the tax office

I’ve no clue, genuinely... so if I sell a car tomorrow for 12,000.. I attempt to lodge that cheque, it gets reported?

Yurt2

Strumms wrote: »

How could revenue prove it ? Genuine question...

If I wrote you a cheque for one million euros tomorrow... who informs revenue ?

I’m not going to, you are not going to... the bank ? Should not be legally able to... you go to lodge that cheque it’s none of the banks business or shouldn’t be certainty as to how the money was acquired... would they pick up the phone to revenue.. “ we have a client who has has one million euros to deposit, we are not aware as to how they came by and it, they’ve only ever had about 50,000 in the bank now they are depositing 1,000,000 by cheque..”.... I’m no legal expert but I’d imagine there must be a law prohibiting that conversation between the bank and the tax people....

As soon as a sum that large lands in a bank account, Revenue would automatically be notified. Figures like that scream money laundering and anyone in receipt of such sums would be asked to justify where it came from and from whom, and needless to say they'll be looking to tax it once it's proven to be all above board.

Yurt2

Strumms wrote: »

I’ve no clue, genuinely... so if I sell a car tomorrow for 12,000.. I attempt to lodge that cheque, it gets reported?

It does, and Revenue have sophisticated software and algorithms that accurately snuff-out dodgy money.

They're no dopes; above all arms of the state you should come to with clean hands, it's Revenue. If you're up to something, they'll find out eventually.

screamer

with 210 million in your pocket, you could pay someone to help you find the legal loopholes for tax.
I think I might just say it was a family syndicate and that way, yes, I wouldn't have 210 million, but everyone in the family could have an equal share tax free. What the hell would anyone need 210 million for anyways.... I'd share it around my family and my in laws, because, why not.

upupup

yerwanthere123 wrote: »

I've seen a lot of people say they'd give away a few million to this person, that person etc., but aren't these gifts heavily taxed? Is there a way of getting around them? I'm quite confident it's something I'll never have to worry about, but I'd be sickened if I won tonight, wanted to give away away a few million to friends/family only to find out they'll only actually get about 65% of it.

You put their name on the ticket with a percentage beside it so they are also winners,just like a syndicate.

Ubbquittious

seamus wrote: »

Buying a leisure boat of any size is easily one of the greatest wastes of money that anyone can embark on.

You spend more money on maintenance and mooring/storage fees than you would ever save by just renting out a private yacht whenever you fancy going sailing.

€100k to bring this bad boy out for two weeks in the Summer. Another €5k for a top-class chef/waiter.
https://www.fraseryachts.com/en/yacht-for-charter/haze/

That's nothing when you have €200m. You could spend ten months of the year, every year on that boat, and after fifty years you'd have only spent half your money.

Or you could spend €5m buying a new boat of your own and another €1m a year on maintenance fees, regardless of how often you use it.

Leisure anything is a waste of money when you think about it. Much cheaper to just be miserable

AndrewJRenko

screamer wrote: »

with 210 million in your pocket, you could pay someone to help you find the legal loopholes for tax.
I think I might just say it was a family syndicate and that way, yes, I wouldn't have 210 million, but everyone in the family could have an equal share tax free. What the hell would anyone need 210 million for anyways.... I'd share it around my family and my in laws, because, why not.

It's a long shot, but do you think that maybe Revenue have already thought about this loophole?

200 million would be too much for me, so I wouldn't buy euro millions. It would change your life irreparably. You can't hide that kind of money. You wouldn't be able to step outside the door without a posse of security goons making sure you're not kidnapped - same for all your family.

barbara anne

Please god I get a win like that one day

jonon9

If I won that money I buy a house in Hawaii and south Portugal, take the rest of it out of Irish banks and into various tax havens and live life.

barbara anne

jonon9 wrote: »

If I won that money I buy a house in Hawaii and south Portugal, take the rest of it out of Irish banks and into various tax havens and live life.

Oh definitely. Live laugh love.

Bigfatmichael

A nice big house in a private estate with home gym, home cinema and a private chef to come in twice a week to do my food shopping and prepare all my meals. Two nice cars as well in the drive way. Probably book someone for a daily massage as well.

I'd probably travel the world for a few months and get that out of my system as well.

After that I'd probably buy my home town country pub where I'd be happy if it just broke even and work two or three nights a week in it. I d probably try my hand at other businesses as well.

That's the height of it really.

dxhound2005

The result is in for the €210 million draw.

Boscoirl

Woohoo!!

frozenfrozen

I won €4

All begging by pm only

micar

No winner of the €210m tonight.

Roll on Saturday....fingers crossed

AndrewJRenko

AndrewJRenko wrote: »

It's a long shot, but do you think that maybe Revenue have already thought about this loophole?

It's not a loophole - if your name is on the ticket, you are a winner and entitled to a share of the win.


Much like the Bus drivers a few years back.

Signore Fancy Pants

micar wrote: »

No winner of the €210m tonight.

Roll on Saturday....fingers crossed

Yeah, I decided to win when it gets to €250 Million.

sassyj

micar wrote: »

No winner of the €210m tonight.

Roll on Saturday....fingers crossed

Friday

Boscoirl

Boscoirl wrote: »

Woohoo!!

Lol. I actually won €26

Strumms

micar wrote: »

No winner of the €210m tonight.

Roll on Saturday....fingers crossed

What interest would you earn off 210 million..?

Itssoeasy

Boscoirl wrote: »

Lol. I actually won €26

Sure better than a kick in the hole as they say.

Potential-Monke

Strumms wrote: »

What interest would you earn off 210 million..?

Using a very simple calculator i found online, if you were to invest the $210 million into an account with 1.5% interest rate for 1 whole year:

The interest is $37,800,000 and the amount is $247,800,000.

But I know SFA about interest and earnings and all that jazz so that's probably not correct.

Going by that, just invest half and you'd make millions per year on interest.

DJIMI TRARORE

Is it frozen at 210

frozenfrozen

DJIMI TRARORE wrote: »

Is it frozen at 210

Yes capped at 210 now till its won

AndrewJRenko

Deleted User wrote: »

It's not a loophole - if your name is on the ticket, you are a winner and entitled to a share of the win.


Much like the Bus drivers a few years back.

I'm not an expert, but I'd suspect that there is a bit more to it than that. If you're in a syndicate where everyone pays and everyone puts their name on the ticket, then they're all winners.

If a family member puts six names on the ticket with no evidence of the existence of a syndicate or shared payment, then Revenue might look a bit deeper at that one.

They're no fools.

NIMAN

Strumms wrote: »

What interest would you earn off 210 million..?

Probably very very little.

The banks can get money from the European bank basically interest free. So if you asked them to hold 210mill, you'd probably get nothing.
You may even be charged to hold such an amount.

Wheety

Signore Fancy Pants wrote: »

Yeah, I decided to win when it gets to €250 Million.

It's capped at €210m.

Anything extra gets rolled down to the next tier with winners.

Strumms

Potential-Monke wrote: »

Using a very simple calculator i found online, if you were to invest the $210 million into an account with 1.5% interest rate for 1 whole year:

The interest is $37,800,000 and the amount is $247,800,000.

But I know SFA about interest and earnings and all that jazz so that's probably not correct.

Going by that, just invest half and you'd make millions per year on interest.

I came up with a similar number but was thinking..’ nahhh can’t be true, all that cash, being earned and accrued , by you , just sitting on your ass... brilliant.l

Strumms

Strumms wrote: »

I’ve no clue, genuinely... so if I sell a car tomorrow for 12,000.. I attempt to lodge that cheque, it gets reported?

Yeh.

Signore Fancy Pants

Wheety wrote: »

It's capped at €210m.

Anything extra gets rolled down to the next tier with winners.

Going to win the jackpot aaaand the Plus 1.

Also, won €8 tonight.

Strumms

Strumms wrote: »

I came up with a similar number but was thinking..’ nahhh can’t be true, all that cash, being earned and accrued , by you , just sitting on your ass... brilliant.l

Seriously? Both of you. Go back and work it out again.

1.5% of 210m isn’t going to be 30 something million. 1% is 2.1M.

PTH2009

Got an email from the national lottery saying check your account and i won a whole €6 :rolleyes:

Zaph

Potential-Monke wrote: »

Using a very simple calculator i found online, if you were to invest the $210 million into an account with 1.5% interest rate for 1 whole year:

The interest is $37,800,000 and the amount is $247,800,000.

But I know SFA about interest and earnings and all that jazz so that's probably not correct.

Going by that, just invest half and you'd make millions per year on interest.

Interest on 210m for one year at 1.5% is 3,150,000. And good luck finding anywhere paying 1.5% these days, an amount of that size would probably attract at best 0%, and more likely negative interest where you'd be paying the bank to hold your money.

AndrewJRenko

AndrewJRenko wrote: »

I'm not an expert, but I'd suspect that there is a bit more to it than that. If you're in a syndicate where everyone pays and everyone puts their name on the ticket, then they're all winners.

If a family member puts six names on the ticket with no evidence of the existence of a syndicate or shared payment, then Revenue might look a bit deeper at that one.

They're no fools.

They can really know when you wrote the names on it. And who is going to tell. I don’t think people have to pay to be in a syndicate. Here’s a case where a nephew sued his aunt for 1/6 the value of a ticket because he is written on it.

https://www.irishtimes.com/news/crime-and-law/courts/high-court/lotto-winner-sued-by-stepson-eyes-action-against-national-lottery-1.4282716?mode=amp

Quantum Erasure

I'm not reading this thread, if I dont know the result theres still a chance I might have won... like Schrodingers lottery ticket

Zaph

Zaph wrote: »

Interest on 210m for one year at 1.5% is 3,150,000. And good luck finding anywhere paying 1.5% these days, an amount of that size would probably attract at best 0%, and more likely negative interest where you'd be paying the bank to hold your money.

Yeh but clearly you would get a money manager to invest it. Dividend stocks, some higher paying bonds. Keeping it in the bank wouldn’t work, if even possible.

Zaph

Deleted User wrote: »

Yeh but clearly you would get a money manager to invest it. Dividend stocks, some higher paying bonds. Keeping it in the bank wouldn’t work, if possible.

I agree, sticking it into a bank account, even if rates were higher, is always going to be the least profitable option. I was just correcting the interest figure that was mentioned, which was calculated at 18%, rather than 1.5%

Ray Donovan

Deleted User wrote: »

How many people would actually try to be rich, to act rich? In the 19C this was easy enough, there was a class to emulate. When you made your money as an industrialist you would aim to be a Lord. Petition to get a Lordship - and in the meantime buy or build a country estate, with lots of servants, a cook, a butler, some tenants, and fishing and hunting.

With 210M you could do that I suppose. Somewhere. This isn't a full English estate but it is nice.

https://www.daft.ie/for-sale/detached-house-marlfield-house-clonmel-co-tipperary/18256


Not for me though. Penthouse in New York, villa in central Spain, wooden cabin in Finland for the winter.

Guarantee you’d freeze your arse off in that house in Clonmel in the Winter!!

NIMAN

Zaph wrote: »

I agree, sticking it into a bank account, even if rates were higher, is always going to be the least profitable option. I was just correcting the interest figure that was mentioned, which was calculated at 18%, rather than 1.5%

So hold on a minute, you've won 210 million and your main concern is earning interest on it!

Seriously?

You'd be lucky to spend it all in your lifetime, you don't need more!

Witchie

I still have to get up for work tomorrow. Sigh.

AndrewJRenko

[Deleted User] wrote: »

They can really know when you wrote the names on it. And who is going to tell. I don’t think people have to pay to be in a syndicate. Here’s a case where a nephew sued his aunt for 1/6 the value of a ticket because he is written on it.

https://www.irishtimes.com/news/crime-and-law/courts/high-court/lotto-winner-sued-by-stepson-eyes-action-against-national-lottery-1.4282716?mode=amp

You're probably right, they probably can't tell when the names were written, which is why I mentioned the other issues about the syndicate.

The outcome of that case tells you nothing about how Revenue treated the win.