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Premium Bonds.

aqua111
aqua111 Posts: 525 Forumite
in Cutting tax
Do Premium Bonds have to be declared or do the Inland Revenue have these details.

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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
    EU tariff on agricultual product 12.2%
    some dairy products 42.1% cloths 11.4%
    EU Clinical Trials Directive stops medical advances
  • catoutthebag
    catoutthebag Posts: 2,216 Forumite
    They are a tax free vehicle :silenced:
  • aqua111
    aqua111 Posts: 525 Forumite
    As I saw that the limit for Premium Bond purchase is £50,000 I wondered how the Inland Revenue could prevent money laundering.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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
    EU tariff on agricultual product 12.2%
    some dairy products 42.1% cloths 11.4%
    EU Clinical Trials Directive stops medical advances
  • aqua111
    aqua111 Posts: 525 Forumite
    When money is put into an Account, proof of identity is required but not with Premium Bonds.
  • Apodemus
    Apodemus Posts: 3,410 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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.
    EU tariff on agricultual product 12.2%
    some dairy products 42.1% cloths 11.4%
    EU Clinical Trials Directive stops medical advances
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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
    Cook_County Posts: 3,096 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    And NS&I accept US citizens who are UK resident to buy premium bonds, unlike all other NS&I products.
This discussion has been closed.
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