Is premium bond money taxed once it’s moved elsewhere?

ShinyStarlight1

I’ve cashed in some of my premium bonds and deposited the resulting money into a savings account. Is that money now taxable as income?

Flugelhorn

only the interest on it gained in the savings account would be taxable 

Ayr_Rage

The capital moved is not income, any interest earned will be counted as income and taxable depending on your personal circumstances.

ShinyStarlight1

Thank you for clearing that up for me, much appreciated.

dunstonh

ShinyStarlight1 said:

I’ve cashed in some of my premium bonds and deposited the resulting money into a savings account. Is that money now taxable as income?

Capital is not income.  If you place the capital somewhere where it generates income and isn't in a tax wrapper (such as ISA, pension, investment bonds etc) then it may be taxed.

You mention savings account. So, that means interest will be the income type and that means it will be subject to income tax and the appropriate allowances for interest and income.