Does anyone have Premium Bonds purchased as an ex-pat?
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un_boeuf
Posts: 18 Forumite
Hi,
Seeking some clarity on whether or not it is possible to invest in UK Premium Bonds as an ex-pat? This seems a bit murky - I've heard 'yes', 'no' and 'it depends'... no-one really seems to know.
Has anyone here managed to invest in Premium Bonds while offshore? What hoops if any did you have to jump through? The only thing I have been told was that in the case of the USA (where I am) local (i.e. US) gambling regulations in certain states may forbid it.
Please share your experience on this.
Seeking some clarity on whether or not it is possible to invest in UK Premium Bonds as an ex-pat? This seems a bit murky - I've heard 'yes', 'no' and 'it depends'... no-one really seems to know.
Has anyone here managed to invest in Premium Bonds while offshore? What hoops if any did you have to jump through? The only thing I have been told was that in the case of the USA (where I am) local (i.e. US) gambling regulations in certain states may forbid it.
Please share your experience on this.
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Comments
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Have you read page 5 of https://www.nsandi.com/system/files/asset/pdf/premium-bonds-brochure.pdf ?0
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No, I hadn't seen this - thanks.
'Buying Bonds if you live outside the UK
You can buy Premium Bonds from abroad, but only in some countries. First you should
check whether local regulations allow you to buy and hold Premium Bonds, as some
countries don’t allow this. The first time you apply will have to be by post, as you’ll need to send us some documents to prove your identity and
address.
For full details before you apply:
• visit nsandi.com
• or call us on +44 1253 832007
Calls will be charged at the rate of your international phone provider.
Once you’ve done all this successfully, then the easiest way for you to buy more
Bonds is to register for our online and phone service. You can also have your prizes paid to
your international bank account.
Visit nsandi.com/ips to find out more about our International Payments Service.'0 -
The only thing I have been told was that in the case of the USA (where I am) local (i.e. US) gambling regulations in certain states may forbid it.0
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EdSwippet - thank you. I wonder what the situation is if I take the winnings as additional Bonds (not as cash)? In that case there is no 'income' as such. It is also unclear as to what the situation is regarding Premium Bonds I held (and still hold) in my name that were purchased when I was much younger and before I became an ex-pat.
I'm going to enquire with the Bureau that regulates gambling in my state and see if they know anything.0 -
EdSwippet - thank you. I wonder what the situation is if I take the winnings as additional Bonds (not as cash)? In that case there is no 'income' as such. It is also unclear as to what the situation is regarding Premium Bonds I held (and still hold) in my name that were purchased when I was much younger and before I became an ex-pat.
I'm going to enquire with the Bureau that regulates gambling in my state and see if they know anything.
You still 'won' the prize whether you choose to take the cash winnings or use the winnings to buy more bonds of an equivalent value (which are, in any case, redeemable for cash). The IRS isn't going to say "oh, the winnings were zero" just because you spent them.
There shouldn't be a dfference in tax treatment from the IRS's perspective between income you earn this month from an investment made last month, and income you earn this month from an investment made a long time ago. You are still earning income this month. And the US taxes its residents and citizens on their worldwide income (subject to the various reliefs etc).0
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