Premium Bonds Syndicate

FH

We have a Lotto syndicate at work and have now started a Premium Bonds syndicate. We have prepared and signed an agreement form to share the winnings in the event of a win. I know there is no problem in creating a syndicate for buying Lotto tickets but does anybody know of any potential problems in running a Premium Bonds syndicate?

Robert_Sterling_3

There is a limit to the number of bonds one person can hold.

smartsaver

I know you are gambling on a big win but I think you would make more by putting the money in a high interest account and sharing out the interest... unless you are very very lucky  ::)
See the thread 'losing at premuim bonds' :-/

FH

Your right it is more of a gambling club than a savings club but the kind of thing I was interested in is:
1.Is it possible to buy bonds as a syndicate instead of an individual?
2.Is there an easy way of checking the winning bond numbers on the web? I think the NSI website only lists unclaimed prizes.
3.If a member had a win and decided to keep quite about it how would the other members know?
4.Is there any tax liability for the person handing over a share to the other members?

smartsaver

Your right it is more of a gambling club than a savings club but the kind of thing I was interested in is:
1.Is it possible to buy bonds as a syndicate instead of an individual?
2.Is there an easy way of checking the winning bond numbers on the web? I think the NSI website only lists unclaimed prizes.
3.If a member had a win and decided to keep quite about it how would the other members know?
4.Is there any tax liability for the person handing over a share to the other members?

1. I don't think so.
2. Yes through NSI website - have I won section will tell you all your winning to date. https://www.nsandi.com/products/pb/haveYouWon
3. I don't think they would unless you all disclosed your holder number.
4. You pay no tax on the winnings - I think you would have to 'gift' any money over to avoid tax. Not sure of the limits or if there are any.

Hope this helps.

FH

Thanks Smartsaver
Much Appreciated