The stunning amount of tax Luke Littler is set to pay on £200k World Darts Championship winnings

Luke Littler is set to pay an enormous amount of tax on his £200,000 winnings.

On Wednesday, the 16-year-old squandered a 4-2 lead to lose a gripping World Darts Championship final 7-4 to World No.1 Luke Humphries.

Littler was aiming to become darts' youngest-ever world champion after a thrilling run to the final but has to settle for a runners-up position and £200,000 in prize money.

Littler told Sky Sports: "The one negative was I lost too many legs on my throw, so Luke would break me, then hold and I'd be 2-0 down [in the set].

"Fair play to Luke, he deserves it.

"I've got to the final, I might not get to another final for the next five to 10 years, we don't know, but I can say I'm a runner-up and now I just want to go and win it.”

While Littler exits the tournament far richer than he had been weeks earlier, according to investment platform Saxo he will have to forfeit at least 45 per cent of his £200,000 prize fund, despite only being a teenager.

That amounts to £76,203 while he would also have to slice his winnings further by paying £7,330 in National Insurance.

Naturally, the victor, Humphries will also be taxed on his £500,000 winnings.

On his first world championship win, Humphries said: "I could not put into words how great this feels.

"In the back of my mind throughout today, I was thinking 'get this one now because he's going to dominate world darts soon'. He's an incredible player. When I was on the brink of winning there, he was relentless.

"That double eight [to win], my hands were shaking like mad and it just fell in for me. I'm world champion and world number one and I can't ask for more."