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Do HMRC monitor Premium Bonds?
ATC111
Posts: 93 Forumite
Do HMRC monitor premium bonds for tax compliance, residency reasons et al which could trigger a routine investigation?
Nothing to hide but wouldn’t want the hassle of an audit/investigation.
Thanks in advance
Nothing to hide but wouldn’t want the hassle of an audit/investigation.
Thanks in advance
0
Comments
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Tax compliance in what sense? No taxation involved for PBs....
Likewise residency reasons? NS&I, like any other institution, will need a record of your declared residential address but I'm not aware of any sharing of this with HMRC....
What's the scenario you have in mind, hypothetically of course?1 -
What kind of tax compliance are you worried about?0
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There maybe taxation on winnings if you live abroad (Spain and the US for example), in addition, there are some countries where you cannot hold them due to local regulations. NS&I comply with the common reporting standard (CRS) across countries.0
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BTC to premium bonds?0
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HMRC administer universal credit which has a savings threshold so I'd imagine they get a feed to allow compliance checks, but don't know for sure.0
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Ah yes, via that well known trading pair on all the big exchanges, BTC/PMB 😄pp556677 said:BTC to premium bonds?1 -
yep.. i like that one. in fairness, locking in btc gains by selling some for PBs is a solid move for a lot of people.0
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