This year, the Christmas Lottery Jackpot will be a little bigger. The change in taxation for 2020 it will cause the winners with the first three prizes of the draw to win this year more money than in 2019.
For this one draw, the minimum exempt from paying taxes goes from 20,000 euros in 2019 to 40.000 euros. Which means that the winners of 400,000 euros will pay Hacienda for 360,000 euros. In this way, the 20% to pay of 360,000 euros will be 72,000 euros for the treasury, so the lucky ones will be left with 328,000 euros tax-free.
In the case of the second prize, the lucky ones receive 125,000 euros per tenth. After discounting the amount exempted from paying to the Treasury, the winners must pay 17,000 euros in taxes, which means that this year they will take 108,000 clean euros. The third prize is 50,000 euros per tenth winner, so after paying taxes it will remain at 48,000 euros.
How will Spaniards spend the award this year?
This year with the Covid 19 crisis, the Spanish will be more conservative when it comes to spending the prize. The fear of losing your job or having another FOR HIM It is leading many citizens to increase their level of savings for 2021 for what may happen. In this case, the Christmas Lottery prize will not be exempt from this purpose either.
Save and pay debts are the top two Lottery prize destinations for Spaniards this year. Both options have risen significantly compared to 2019. Saving increases by 5.90% to be the option of one in four Spaniards (25.1%) and this year has been the first time in iAhorro we conducted this study in second position. If we compare these data with those of the year 2017, it represents a percentage increase of 6.7%.
“Pay off the mortgage, finish paying the car loan and other debts are usually the most common destinations for El Gordo year after year. In the end, the first prize of the Christmas Lottery is not like a EuroMillion. The maximum you can earn this year with a tenth is 328,000 euros, an amount that in large cities such as Madrid or Barcelona does not provide for many things if, for example, you have a mortgage “, highlights Antonio Gallardo, financial expert at iAhorro.
The first option for Spaniards, one more year, will be to pay debts, which rises 3.4% compared to 2019 and is the option of just under half of those surveyed (44.9%). “This data also marks the highest since we conducted this survey with a rise of 5.7% since 2017”, qualifies the financial expert from iAhorro.
The big losers are in the first place more superfluous expenses, such as the purchase of a vehicle that goes from 6.4% to 4.1% (in 2017 it was more than double, 8.3%) and also other types of expenses that goes from 10.9% to 7%. The homebuying, which has traditionally been the second preferred option for Spaniards, falls from 22% to 18.9%.
Spaniards do not trust family or friends for advice
Regarding where you would seek advice, the changes are minor. The bank is the main option for almost 4 out of 10 respondents (39.5%) with a slight rise of 0.3%. This year, the greatest growth can be seen in independent advice, which goes from 23.5% to 24.9%. “Meanwhile, within the climate of greater uncertainty that prevails today, the options to manage them ourselves decrease (25.3% compared to 26.8% the previous year) and ask family or friends for advice, which drops from 10.5% to 10.3% “, points out Antonio Gallardo.
In this case, the survey trend remains stable year after year. At some points we can observe a small rise or fall, but the general trend is usually maintained and the order of preference has not changed in the last four years on where to seek advice.
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