What the winner of a million-dollar jackpot needs to know
Published: Saturday, Feb 10th 2024, 11:00
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45.3 million francs are in the Swiss Lotto jackpot. The lottery company Swisslos is expecting around 750,000 people to try their luck on Saturday to win it, as it announced at the request of the Keystone-SDA news agency. But what if you actually win? The most important questions and answers.
HOW DO I GET THE MONEY?
According to Swisslos, this depends on whether the winner played online or at a sales outlet. In the first case, Swisslos knows who the winner is and contacts this person. When this contact is made, it is discussed when and where the prize money should be transferred. In the second case, the winner must contact Swisslos and present the game receipt with the correct numbers. This must be done within six months, after which the prize is forfeited.
Incidentally, the money is available immediately at Swisslos, the statement continued. When the money reaches the winner therefore depends on how quickly this person gets in touch.
WHAT SHOULD I DO IF I HIT THE JACKPOT?
Winners of large sums of money receive a guide brochure from Swisslos. Swisslos advises them not to do anything until the initial excitement has subsided.
It also advises you to think carefully about who you want to tell about your winnings. "A lucky person keeps quiet and enjoys", says the brochure.
Swisslos also advises winners to think carefully about breaking out of their current life. "Whatever made you happy before you won will also be good for you in the future," says the brochure.
HOW MUCH TAX DO I HAVE TO PAY?
Various types of tax are payable on a profit. The first is withholding tax: the first million is tax-free, 35 percent of the rest goes directly to the Swiss Federal Tax Administration. If someone wins 45.3 million francs, 29.8 million will end up in the winner's account.
All the money must then be declared as income in the tax return and taxed by the federal government, the canton and the municipality. In addition, the money that is still in the account at the end of the year must be declared as assets. How much tax is due depends on where you live. In addition, any withholding tax previously paid can be reclaimed. In some cantons, the income tax is lower than the withholding tax, so the winner would even get some money back.
According to the federal tax calculator, a single person living in Zug with an income and assets of CHF 45.3 million would have to pay just over CHF 10 million in taxes. In Geneva, the taxes would amount to 19 million in the same calculation example.
CAN I STILL MOVE TO SAVE ON TAXES?
Yes, that is possible. Lottery winnings are taxed at the place where you live at the end of the year. However, this option could soon come to an end: last year, the Council of States adopted a motion proposing that lottery winners should in future be taxed at their place of residence at the time of winning.
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