have been going to gym for 10 years but this year I won a prize and found out my prize money will be taxed. will I be able to claim my membership fees?
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Hi @Ilovecocacola,
I'm not sure why your prize money would be taxed. Normally, we'll only tax the interest you receive from the prize money.
You only have to report on your tax return prizes or winnings from the following:
- bank,
- building society,
- credit union, and
- investment body.
Check out the information on our web site that talks about prizes and awards.
You'd only be able to claim a deduction of your gym membership fees if they were work related. If it's personal use, you can't.
All replies
Hi @Ilovecocacola,
I'm not sure why your prize money would be taxed. Normally, we'll only tax the interest you receive from the prize money.
You only have to report on your tax return prizes or winnings from the following:
- bank,
- building society,
- credit union, and
- investment body.
Check out the information on our web site that talks about prizes and awards.
You'd only be able to claim a deduction of your gym membership fees if they were work related. If it's personal use, you can't.
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