Notice for Staff Room Wall (Offer) NATIONAL LOTTERY SYNDICATE : [WORKPLACE NAME] Since the National Lottery was launched in November 1994, it has been popular for groups to pool money together for the purchase of tickets for online draws. Not only is it more exciting playing in a group, but the more lines the group buys, the more entries they have in each game, and the more chances they have of winning (NL Website, 2006). We have decided to organise a syndicate at [Workplace], and hope that, as an employee of [Workplace], you will decide to join us in increasing your chances of winning a prize.
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Remember, even if our syndicate does not win, we contribute to good causes every time we play! Syndicates are often conducted informally but, since there is a potential for a large returns, it is essential that the rights and obligations of members of the syndicate, and of the organiser, are set out clearly in writing (EFP, 2003). Also of note, if there is no appropriate syndicate agreement in place, any of the prize monies distributed to other syndicate winners may be subject to inheritance tax. We have therefore drafted a suitable Agreement for [Workplace]â€™s syndicate. If, as an employee of [Workplace], you would like to participate in our syndicate, please review the provisions of our Syndicate Agreement in line with the Guidance Notes provided, and add your name and address to Schedule 1. Please then sign the Agreement in the presence of an independent witness (who should also give their name, address and signature), and return it to our Syndicate Manager, [Name]. These notes explain the Syndicate Agreement, setting out the meaning of each clause and the reasons why it has been included. If, after reading these notes, you are still unsure as to your rights and obligations under the Syndicate Agreement, we recommend that you seek independent legal advice. Why have a formal agreement? Lottery Syndicates are often conducted informally but this is unwise as there is the potential for a large payout. All sorts of difficult situations may arise â€“ for example, where someone doesnâ€™t pay their stake during a winning week, or someone demands that they were entitled to a bigger share of the winnings than other people (perhaps because they have been in the syndicate for longer). A formal agreement in writing deals with all of these eventualities, setting out exactly what each Member has agreed to. We are also aware that, where National Lottery winnings are shared out among the members of a syndicate in accordance with â€œa pre-existing enforceable arrangementâ€ made before the win, there is no liability to inheritance tax since the syndicate manager does not make a â€œgiftâ€ or â€œchargeable transferâ€ â€“ however, where no suitable agreement exists, inheritance may be payable (HMRC Statement E14 as amended in 1996,
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