Case IV
11/04/1995
Query
The taxpayer won the grand prize in a U.S. state lottery and under the U.S. tax code the winnings were treated as income. The winnings were to be paid to the taxpayer in 20 annual payments. How would these payments be treated if the taxpayer became resident here.
Decision
On the basis of the information provided it appears that the taxpayers is receiving a series of income payment which would be liable to Income Tax here.
Income Tax
Section 74, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT953503