What’s the first thing you’d do if you won the EuroMillions? Our poll reveals number one priority…

EuroMillions fever is in full swing, with the record £208million jackpot still up for grabs in tonight’s triple rollover.

Those who are in it to win it are likely to daydream and do the mental spend of such an unfeasibly large sum… even if the odds are completely stacked against them.

But if you did defy the extreme odds and win a life-changing sum of cash, what is the very first thing you’d do?

That’s a question we put to This is Money and Mail Online readers, with 23,405 votes cast, asking: If you won the lottery what would you do first?

The options were pay off mortgage, buy a house, save/invest, travel and help family/friends.

While it is likely all five of those categories will be on the agenda for the winner of a plus-£200million lottery win, the poll revealed that helping family and friends was the priority, with 35 per cent of people giving that answer.

Pay off mortgage and buy a house both received 21 per cent of the vote, travel received 15 per cent and save/invest was bottom of the pile at 9 per cent.

But while family and friends are top priority, gifting large sums of money should be considered carefully, warns Matt Swatton of wealth management firm Cannacord Wealth.

He is a wealth planning director who has advised lottery winners on the unexpected challenges winners face and how they can navigate them in the past.

He said: ‘Many winners want to share their good fortune with family and friends.

‘While gifting can be incredibly rewarding, it also comes with emotional and financial implications.

‘A large gift can change the recipient’s life – and your relationship with them.

‘You also need to consider affordability – make sure you can afford the gift without compromising your own future.’

Winners who are gifting money to friends and family will also need to think about the tax implications of gifting. 

In the UK, gifts are generally free from inheritance tax if you live for seven years after making them

‘If someone is gifting and they survive for seven years – happy days,’ says financial planner Graham Dixon of wealth management firm Evelyn Partners where he also advises lottery winners on how to manage their fortunes.

‘But for gifts that don’t fall within the donor’s nil rate band – should the donor die, the individual could be liable for tax if the lottery winner dies and the gift made was over £325,000,’ he adds. 

To get around this, the winner could set aside money to make a provision for any tax bill the recipient may face if the donor dies within seven years. 

They could also set up a trust or take out an insurance policy that directly matches the tax liability as it reduces over seven years. 

It is insured on the life of the lottery winner and recipients can used this to pay for any inheritance tax bill if the donor dies. 

Dixon adds: ‘When it comes to gifting, many winners naturally wish to make provision for younger members of their family, typically children or grandchildren.

‘It’s important to consider the order that gifts are made, especially if earmarking money for your children’s future using a trust in order to avoid unnecessary tax charges.’

On top of the £208million jackpot, the EuroMillions draw this Friday will also have 13 guaranteed £1million prizes in the UK as part of the raffle element, with this Friday being the ‘unlucky’ 13th.