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Thesun

LOTTO JOY – Thanks but no banks

€94M WINNER TO INVEST LOOT

BY MARK MAY

IRELAND’S mystery EuroMillions winner could pocket the equivalent of a Lotto win every year by NOT lodging their cash in the bank.

The €94 million prize would attract interest after tax of just under €1m a year with a 1.5 per cent rate in a bank.

But the winner could trouser DOUBLE that if they invest with a fund management firm.

The giant cheque was collected on Thursday but the victor – believed to be from Dublin – has already lost out on a potential €50,000 since the winning numbers were drawn last week, or €6,400 per day after tax.

Simon Moynihan of Bonkers.ie said: “The EuroMillions winner would likely earn just 1.5% in a standard deposit account – around €1.41 in interest a year. But with DIRT, the government would take €465,300 out of that, leaving them with under €1m.

“Lotto bosses are probably advising on a wealth management strategy with an investment firm that should retrun around five per cent per year – a much healthier €4.7m.

“Even if the government took half in income tax, our winner would still walk away with about €2.35m – the equivalent of a regular lottery win every year.”

The last big Irish win was when Dolores McNamanra won €115m in 2005.

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