This was tweeted to me by TTA Press.
The terms and conditions make interesting reading.
8. Entrants agree to assign the entire copyright subsisting in the entry and waive absolutely their moral rights under the Copyright, Designs and Patents Act 1988 in respect of the entry to Diamond. This means that the Diamond owns the entry, and so can use, adapt and edit the entry and any underlying rights in the entry, free of charge, in all media, for all purposes as it wishes. The entrant is granted a non-exclusive, non-transferable licence to use the entry for non-commercial purposes such as posting on a personal blog or displaying on a personal website.
Is it worth losing your story for a chance at a £500 prize?