Don't cash in the Premium Bonds!
Jul 26th 2004, 12:23 pm
#1
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Joined: Nov 2001
Location: Mandurah, WA
Posts: 886
Don't cash in the Premium Bonds!
Wish I could say I'd won the biggie this month (well we got £100 but a few extra noughts would have been nicer).
Here is the amazing news of this month's winner who owned just £17 worth purchased in 1959!
Go to http://www.nsandi.com/press-room/pre...004&issueNo=41 for more info on premium bonds.
Press Releases
...LATE NEWS...LATE NEWS...LATE NEWS...
01 July 2004
1959 PREMIUM BOND WINS £1 MILLION JACKPOT.
A new record in the history of Premium Bonds has been set today as a Bond bought more than 45 years ago in February 1959 has won the £1 million jackpot for a mystery winner in the London Borough of Newham.
Not only is it the smallest value Bond ever to win the £1 million jackpot, it is also the oldest Bond to net the top prize, debunking the myth that old Premium Bonds never win prizes.
The lucky winner, whose identity is being kept a closely guarded secret, owns just £17 worth of Premium Bonds and the winning Bond was one of three purchased together in 1959. The odds of £17 worth of Premium Bonds winning the jackpot are one in 1.4 billion.
The winner was told this afternoon in person by Agent Million, the mystery person who pays a personal visit to the winner to give them the good news.
The winner - a female pensioner - this afternoon told Agent Million: "I can't believe it. I've kept my Premium Bonds for so long and with such a small amount never in a million years did I think I'd win the jackpot. It's such a lot of money.
"It's funny to think that when I first bought my Premium Bonds in 1959, the jackpot was so much smaller, one thousand pounds I think, but because my Bonds have been in the draw for so long, my win is so much bigger. It just goes to show these old Bonds do still go into the draw each month.
"At the moment I have no idea what I'm going to do with my win. I expect I'll go on a nice holiday. Perhaps I'll even buy some more Premium Bonds!£
This is Newham's first ever Premium Bond jackpot winner since the £1 million top prize was introduced in 1994, and June's winner becomes the 124th Premium Bond millionaire. In 1959, the top prize was £1,000 and, taking inflation into account, this would be worth £15,130 today1.
The second oldest bond to win the jackpot was bought in Camden in 1977 and won in April 1995. The next smallest total holding to win the jackpot is £476. A £20 Bond from this holding, purchased in Essex, won the £1 million top prize in March 1995.
Of the 253,000 people who live in Newham, 86,363 people (34%) hold Premium Bonds, worth a total of £59.4 million.
Here is the amazing news of this month's winner who owned just £17 worth purchased in 1959!
Go to http://www.nsandi.com/press-room/pre...004&issueNo=41 for more info on premium bonds.
Press Releases
...LATE NEWS...LATE NEWS...LATE NEWS...
01 July 2004
1959 PREMIUM BOND WINS £1 MILLION JACKPOT.
A new record in the history of Premium Bonds has been set today as a Bond bought more than 45 years ago in February 1959 has won the £1 million jackpot for a mystery winner in the London Borough of Newham.
Not only is it the smallest value Bond ever to win the £1 million jackpot, it is also the oldest Bond to net the top prize, debunking the myth that old Premium Bonds never win prizes.
The lucky winner, whose identity is being kept a closely guarded secret, owns just £17 worth of Premium Bonds and the winning Bond was one of three purchased together in 1959. The odds of £17 worth of Premium Bonds winning the jackpot are one in 1.4 billion.
The winner was told this afternoon in person by Agent Million, the mystery person who pays a personal visit to the winner to give them the good news.
The winner - a female pensioner - this afternoon told Agent Million: "I can't believe it. I've kept my Premium Bonds for so long and with such a small amount never in a million years did I think I'd win the jackpot. It's such a lot of money.
"It's funny to think that when I first bought my Premium Bonds in 1959, the jackpot was so much smaller, one thousand pounds I think, but because my Bonds have been in the draw for so long, my win is so much bigger. It just goes to show these old Bonds do still go into the draw each month.
"At the moment I have no idea what I'm going to do with my win. I expect I'll go on a nice holiday. Perhaps I'll even buy some more Premium Bonds!£
This is Newham's first ever Premium Bond jackpot winner since the £1 million top prize was introduced in 1994, and June's winner becomes the 124th Premium Bond millionaire. In 1959, the top prize was £1,000 and, taking inflation into account, this would be worth £15,130 today1.
The second oldest bond to win the jackpot was bought in Camden in 1977 and won in April 1995. The next smallest total holding to win the jackpot is £476. A £20 Bond from this holding, purchased in Essex, won the £1 million top prize in March 1995.
Of the 253,000 people who live in Newham, 86,363 people (34%) hold Premium Bonds, worth a total of £59.4 million.
Jul 27th 2004, 12:42 am
#2
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But remember, if you do keep them and win the £1m, once you live out here, the winnings are Taxable.
So, £1m at 2.6 FX rate = $2,600,000
less about $1,248,000 in Australian Tax
= $1,352,000 in net winnings. approx.
So, £1m at 2.6 FX rate = $2,600,000
less about $1,248,000 in Australian Tax
= $1,352,000 in net winnings. approx.
Jul 27th 2004, 1:04 am
#3
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Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Originally posted by ABCDiamond
But remember, if you do keep them and win the £1m, once you live out here, the winnings are Taxable.
So, £1m at 2.6 FX rate = $2,600,000
less about $1,248,000 in Australian Tax
= $1,352,000 in net winnings. approx.
But remember, if you do keep them and win the £1m, once you live out here, the winnings are Taxable.
So, £1m at 2.6 FX rate = $2,600,000
less about $1,248,000 in Australian Tax
= $1,352,000 in net winnings. approx.
But even if they were and you'd held the bond for more than 12 months surely the 50% tax free rule would apply (they would have to consider the bond a speculative investment rather than an income)
So tax $624000
net winning $1,976,000
Jul 27th 2004, 1:34 am
#4
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Originally posted by Kiwipaul
I didn't realise winnings were taxable??
But even if they were and you'd held the bond for more than 12 months surely the 50% tax free rule would apply (they would have to consider the bond a speculative investment rather than an income)
So tax $624000
net winning $1,976,000
I didn't realise winnings were taxable??
But even if they were and you'd held the bond for more than 12 months surely the 50% tax free rule would apply (they would have to consider the bond a speculative investment rather than an income)
So tax $624000
net winning $1,976,000
There was a thread about this here and the ATO page is http://www.ato.gov.au/individuals/co...tent/32214.htm
which talks about investment-related lotteries, and "The value of benefits or prizes you receive from an investment body you have invested in must be included as assessable income on your tax return."
I'm still waiting to win the £1M so I can test the rule
Jul 27th 2004, 1:40 am
#5
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Joined: Apr 2002
Location: From Worcestershire to Perth WA
Posts: 1,106
Forgot about those. My mum and dad gave me Ten pounds worth of bonds in 1968 when i was born and my brother has the same i think when he was born in 1970. Can you get them checked?
Joanne
Joanne
Jul 27th 2004, 4:31 am
#7
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Joined: Apr 2002
Location: From Worcestershire to Perth WA
Posts: 1,106
Cheers ABC i do have the Bonds here, have held them for years with the birth certificates, marriage certificate etc but never thought about them.
Will have to have a check
Joanne
Will have to have a check
Joanne
Jul 27th 2004, 4:45 am
#8
Guest
Posts: n/a
Originally posted by jopaulss
Cheers ABC i do have the Bonds here, have held them for years with the birth certificates, marriage certificate etc but never thought about them.
Will have to have a check
Joanne
Cheers ABC i do have the Bonds here, have held them for years with the birth certificates, marriage certificate etc but never thought about them.
Will have to have a check
Joanne
It was brought out as an individual number unique to each holder, maybe sometime in the 80's I think. It isn't printed on the original bonds, at least not on the old ones.
