Premium Bonds

Cash_in_the_attic

Is it possible to loan my daughter £50,000 for 5 years in order for her to purchase premium bonds.She could keep any winnings (unless its 1M£ of course)

.Would there be any tax implications on the loan if  full repayment was not due until end of 5 year period.

Is this legal or is there a different way to do this other than a private loan.

El_Torro

You can lend money to whoever you like. Whether you get the money back can be more complicated. The simplest thing would be to gift her the money on the understanding that she’ll give it back in 5 years. The downside is that if she decides not to give you the money back there’s not a lot you can do about it.

eskbanker

What are you (or she) actually hoping to achieve?  Are you trying to shelter some of your money from income or other taxes?  Is she an adult?  If it's genuinely a loan then it's surely up to her what she does with the money - why would she keep some prizes but not others?

Bravepants

Family and money seldom mix harmoniously. Do you honestly think she will hand over a £1M prize? You would be better off speaking to your lawyer and organising some sort of Deed of Trust, if you are doing this for legit reasons of course.

csgohan4

https://forums.moneysavingexpert.com/discussion/6210664/son-has-my-savings/p1

Please think carefully, no matter the good intentions.

Only give money to family if your not expecting it back

Albermarle

Family and money seldom mix harmoniously
Only give money to family if your not expecting it back

Whilst I fully agree that money can cause family problems , the above two statements are a bit too negative ( in my opinion ).

Many families manage money issues without too much stress, (although clearly many do not )