Premium Bond Syndicate Agreement

innovate

andybrock, your responses indicate you know all the answers already. Your reason for asking for input here seems to be solely to dismiss the responses people have given in an effort to answer your original question. I wonder why you weren't, in the first instance, seeking the advice of one of the well-established premium bonds syndicates that you claim exist.

andybrock wrote:

You must realise premium bond syndicate are well established-have you ever heard of a case were the manager of the fund was refused a prize due to a syndicate been formed ??;)

andybrock

innovate wrote: »

andybrock, your responses indicate you know all the answers already. Your reason for asking for input here seems to be solely to dismiss the responses people have given in an effort to answer your original question. I wonder why you weren't, in the first instance, seeking the advice of one of the well-established premium bonds syndicates that you claim exist.

If you read the original question it stated that I was looking for a written agreement or some advice towards constructing one.


In fact the responses you gave yourself centred around a individual can only purchase the bonds and why do you need to manage them(this is obvious if you running a syndicate)

I haven't "dismissed" peoples responses, some were totally irreverent(money laundering!!) to the required information and I have thanked people were information has been helpful.

Laughable that you seem to think I have made up the fact that plenty of organizations organise such a scheme.

If you read GM's first post he answers your questions quite simply.;)

robatwork

andybrock wrote: »

I haven't "dismissed" peoples responses, some were totally irreverent(money laundering!!) to the required information and I have thanked people were information has been helpful.

I have found some of the posts irreverent too, but none were irrelevant. A previous post from yourself suggested the NS&I themselves mentioned "premium bonds syndicates". Can you post a link to that page please?

The reason people are warning you against doing this isn't because they don't like you, but they forsee issues that perhaps you haven't.

andybrock

robatwork wrote: »

I have found some of the posts irreverent too, but none were irrelevant. A previous post from yourself suggested the NS&I themselves mentioned "premium bonds syndicates". Can you post a link to that page please?

The reason people are warning you against doing this isn't because they don't like you, but they forsee issues that perhaps you haven't.

HRMC quotes this in regards to tax implications.

www.hmrc.gov.uk/agents/sop.pdf Section E14

As stated earlier NSI don't recognise syndicates-its a purely private agreement between the parties.

vectistim

This might have got lost in my previous reply, but what happens if the named investor goes bankrupt, has a divorce, or something else that impacts on their financial position?

k12479

andybrock wrote: »

Laughable that you seem to think I have made up the fact that plenty of organizations organise such a scheme.

Do you mean proper, formal organisations or do you mean some people that just happen to work together within an organisation?

opinions4u

I don't mind it being pointed out where I'm incorrect with something I posted.

It did feel a bit like "thanks for bothering but I already knew you were wrong". C'est la vie.

andybrock

Thanks to everyone who has contributed.
Had some really useful information to carry foward to draw up the required documentation.

andybrock

k12479 wrote: »

Do you mean proper, formal organisations or do you mean some people that just happen to work together within an organisation?

If you carry out some research you will find many work places,investment clubs etc have similar schemes in place.

I have found no evidence anywere "money laundering" has ever been mentioned-this includes official legal advice.

Andystriker

So you set up this agreement and make Mr. X, the nominated person to hold the bonds.

Then some time in the future you all fall out and Mr. X decides that because you have upset him, he tells you to that NS&I say he owns the bonds and you can all swivel. He says he may pay you back when he's ready, but he does not co-operate. what are you going to do with your agreement?

If you are confident that this would not happen because you all trust Mr. X. then you don't need an agreement.