Premium Bonds.

aqua111

Do Premium Bonds have to be declared or do the Inland Revenue have these details.

CLAPTON

aqua111 wrote: »

Do Premium Bonds have to be declared or do the Inland Revenue have these details.

declared for what purpose?

there is no tax on winnings

catoutthebag

They are a tax free vehicle :silenced:

aqua111

As I saw that the limit for Premium Bond purchase is £50,000 I wondered how the Inland Revenue could prevent money laundering.

CLAPTON

aqua111 wrote: »

As I saw that the limit for Premium Bond purchase is £50,000 I wondered how the Inland Revenue could prevent money laundering.

many accounts have maximum limits : they don't use HMRC to monitor them

aqua111

When money is put into an Account, proof of identity is required but not with Premium Bonds.

Apodemus

aqua111 wrote: »

When money is put into an Account, proof of identity is required but not with Premium Bonds.

That's not what is suggested by the terms & conditions. At the very least, you need to get someone else to sign that you are who you say you are. Can't remember what other info you need to give.

CLAPTON

aqua111 wrote: »

When money is put into an Account, proof of identity is required but not with Premium Bonds.

all the accounts I have opened over the last 20 years have accepted an electronic transfer or a cheque into a new my account as proof of who I am.

getmore4less

To get registered you need will need to go through some checks.
on-line they need NI no. (see section 8 of the full brochure they may ask for more.)

http://www.nsandi.com/files/asset/pdf/premium-bonds-application-form.pdf

section 6.

Source of funds
Give details of the account
on which your cheque is
drawn. We need this to
comply with anti- money
laundering regulations.

Full brochure(page 8)
http://www.nsandi.com/files/published_files/asset/pdf/premium-bonds-brochure.pdf

Cook_County

And NS&I accept US citizens who are UK resident to buy premium bonds, unlike all other NS&I products.