asked the Minister for Finance if winners of large prizes in lotteries, including the Irish Sweepstakes, will be liable in future to a form of capital gains tax.
Ceisteanna—Questions. Oral Answers. - Capital Gains Tax
102.
The White Paper on Capital Taxation issued on 28th February, 1974, was intended to give an outline of the Government's proposals in regard to capital taxation. I would refer the Deputy to paragraph 90 (a) of the White Paper which proposes that winnings from lotteries and sweepstakes in excess of £15,000 a year would be liable to capital gains tax. Paragraph 87 of the same Paper indicates that a non-resident would not be liable in respect of any such winnings. The White Paper invites representations and suggestions from the public in regard to the proposals contained in it and I would like to emphasise that I will be happy to receive views from interested persons and organisations.
Would the Minister not agree that in view of the good work which this sweepstake is doing it should be an exempted capital gains heading?
That is a separate question.
It is a direct question. It is a question as to whether or not we will help the sweepstake.
The Deputy will appreciate that if the winner of a sweepstake prize died that prize would form part of the estate and would be subject to estate duty which is a capital taxation.
One would expect that a person who won the sweepstake would start living.
The shock might kill some of them.