WINNING the EuroMillions jackpot is something that we all dream of, but it does not stop when you simply receive the money.
When it comes to cash prizes, you also have to think about whether they would be taxed.
Are Euromillions lottery winnings taxed?
Your winnings should not be taxed but when they are considered as income or you start making income through interest, then these might be taxed.
The EuroMillions website says: "While there is no tax on the initial sum paid into your account, it may be that the win starts to produce an income through interest.
"This will then be taxed as part of your normal income tax."
The advisor that the Lottery assign to you will help you with any tax issues or questions that you might have.
How do lottery winners get paid?
First, you have to call the phone number which you will find on the back of your ticket to let the Lottery know that you have got the winning ticket.
You will then receive a call from an advisor such as Andy Carter that will make sure that you are the winner and will also answer any questions that you might have.
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As soon as they confirm that you are the winner, you will receive your jackpot prize on the day.
The payment will be made as soon as the Lottery receives confirmation but it might take up to two days for it to process in your bank account.
Here we tell you more about what happens when you become a EuroMillions lottery winner.
Is there a limit on the EuroMillions jackpot?
The value of a jackpot is determined by the amount of ticket sales and is agreed by all participating countries.
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The maximum of the jackpot is €230 million – this cap was introduced in 2009.
The jackpot starts at €17 million and continues to roll over and stops when it reaches the cap amount.
There is no limit on how many times the jackpot can roll over as long as it does not exceed the cap amount.
The jackpot cap was only reached once so far on Tuesday, July 5.
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When it is hit, it goes on for five draws until it is claimed, and if no is granted the winner then it will be reversed to €17 million once again.
No winner claimed it on the first draw and neither did they on the draws on July 8, 12 and 15, so it will go through one final draw on July 22.
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