Tonight’s EuroMillions jackpot is expected to exceed £208 million, making the winner the biggest lottery prize holder ever from these shores. The largest lottery prize in UK history is now available after Friday’s EuroMillions draw failed to produce a winner across the Continent.
The EuroMillions jackpot on Tuesday, June 10, is capped at €250 million (approximately £208 million) after rolling over since April 8. Many winners can find themselves overwhelmed and unsure of what to do next with the surprise windfall aside from buying luxury properties. Matt Swatton, wealth planning director at Cannacord Wealth, who specialises in lottery advisory, has issued some advice for potential winners.
1. Make wise decision and take guidance without rushing into anything:
Consulting a financial adviser will help you navigate the transition and make a sensible long-term plan, he told Mail Online. After the initial excitement settles, most lottery winners instinctively start thinking about buying a home or investing in property.
The wisest first step is to pause and seek expert advice before making any major decisions. Rushing into property purchases or gifting without a clear strategy can lead to unexpected challenges later on.
2. Understand what your win means for your life now and the future
Wealth planning alone isn’t enough—you will likely need to involve solicitors and accountants to manage your legal and tax affairs. This includes setting up wills, powers of attorney, and tax-efficient financial structures to secure your future.
It’s important to assess what’s affordable and sustainable, avoiding impulsive choices that may lead to long-term consequences.
3. Pause to understand your new financial reality
Take time to fully grasp your new financial reality, as your goals and emotions may shift over the next 12 to 18 months.
It’s natural to want to make big decisions quickly—buying a home, leaving your job, or sharing wealth with family. However, the best approach is to pause and reflect.
4. Make sure your money is safe
While your winnings may first be deposited into a high-street bank account, exploring safer alternatives like National Savings & Investments (NS&I)—backed by the UK Government—could provide added peace of mind.
5. Decide who you want to share the money with
Many lottery winners feel eager to share their good fortune with family and friends. It’s important to assess affordability, ensuring generosity doesn’t compromise your own financial security.
While gifting can be deeply rewarding, it also carries emotional and financial considerations. A significant gift has the potential to transform the recipient’s life—and affect your relationship with them.
Additionally, consider the tax implications—in the UK, gifts are typically exempt from inheritance tax if the giver lives seven years beyond the gift date. However, annual allowances and exemptions must also be carefully navigated.
6. Focus on the long-term
Once your immediate financial needs are met, it’s important to focus on the future.
Investing plays a crucial role—inflation and interest rate fluctuations mean that keeping all your money in cash could erode its value over time. A well-structured investment plan can help your wealth grow in line with inflation.
Consider your retirement goals—whether that means early retirement or cutting back on work hours, a financial plan can outline what’s achievable.