Premium Bonds - If you post to say how much you've won, please also say how much you have invested.

Derek W said:
If you can claim a winning amount of a false name set to your account / random other named account you set up in sure you'll have a visit from someone regarding fraud / tax related issues.
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Tax related issues? isnt premium bonds tax free savings?

"Do you have to declare Premium Bonds on a tax return?


Tax and you do not need to declare it on your tax return.


Why would they be knocking because of tax related issues
 
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DJMK4 said:
Tax related issues? isnt premium bonds tax free savings?

"Do you have to declare Premium Bonds on a tax return?


Tax and you do not need to declare it on your tax return.


Why would they be knocking because of tax related issues
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Premium bonds are tax free up to 50k per person. So if you're looking to exploit that and hold more is it not then a tax related issue?
 
Derek W said:
Premium bonds are tax free up to 50k per person. So if you're looking to exploit that and hold more is it not then a tax related issue?
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Looking at some of the people on here, who are saying they have just won (for instance" £275 on 50K) what happens to that £275 ? do they have to withdraw it straight away? assuming that by winning 275, it cant be auto re-invested, that means they would hold £50,275 , which would mean it would become a tax issue?


what happens in this scenario? does it just get withdrawn straight away at the point of winning in to your regular bank account?
 
DJMK4 said:
Looking at some of the people on here, who are saying they have just won (for instance" £275 on 50K) what happens to that £275 ? do they have to withdraw it straight away? assuming that by winning 275, it cant be auto re-invested, that means they would hold £50,275 , which would mean it would become a tax issue?


what happens in this scenario? does it just get withdrawn straight away at the point of winning in to your regular bank account?
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Paid into your bank account automatically or a cheque sent out like the old days I presume as I've never held the full amount
 
DJMK4 said:
Looking at some of the people on here, who are saying they have just won (for instance" £275 on 50K) what happens to that £275 ? do they have to withdraw it straight away? assuming that by winning 275, it cant be auto re-invested, that means they would hold £50,275 , which would mean it would become a tax issue?

what happens in this scenario? does it just get withdrawn straight away at the point of winning in to your regular bank account?
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You can't go over 50k, I have an NS&I savings account and pay it in there, but you can pay it out to your bank instead.
 
throwaway4372 said:
You can't go over 50k, I have an NS&I savings account and pay it in there, but you can pay it out to your bank instead.
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I read recently though somebody managed to hold more than £50k somehow and ended up winning on the bonds above the limit, but NS&I disqualified those prizes, not sure how that happened.
 
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