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

DJMK4

DJMK4

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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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Derek W

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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?
 

DJMK4

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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 does it just get withdrawn straight away at the point of winning in to your regular bank account?
 

Derek W

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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 does it just get withdrawn straight away at the point of winning in to your regular bank account?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
 

throwaway4372

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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?
Click to expand...
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.
 

norm

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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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