Modelo 720 and category for NS&I products
#2
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Re: Modelo 720 and category for NS&I products
I'm sure I put them in the bonds category as although a savings product they are not a bank account. They have an account number but not a sort code. I did same with ISAs for same reason. They are surely an investment rather than bank account?
#3
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Re: Modelo 720 and category for NS&I products
#4
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Re: Modelo 720 and category for NS&I products
Our accountant said cash and savings thats what he usually does (he is Spanish).
My FIL has enough to go on the 720 and his accountant (not the same as ours) has always put them in the cash and savings box.
He redoes 720 his each year as he trades shares and what not (dont ask me Ive never done this)....
Premium Bonds have no equivalent here and there is usually head scratching about them.
What are they???
Well for me its a lottery, you pay the Uk gov who use the money, but will give it all back to you whenever you want and OH yep every month you could 'win' prizes....
They are basically cash in a savings account that pays no interest... Just like sticking it a box under the bed....
Bonds to me are something different as they are not as liquid..
Premium bonds cannot be traded as such, just buy and sell.
some info.
https://blog.moneyfarm.com/en/invest...EaAvaNEALw_wcB
My FIL has enough to go on the 720 and his accountant (not the same as ours) has always put them in the cash and savings box.
He redoes 720 his each year as he trades shares and what not (dont ask me Ive never done this)....
Premium Bonds have no equivalent here and there is usually head scratching about them.
What are they???
Well for me its a lottery, you pay the Uk gov who use the money, but will give it all back to you whenever you want and OH yep every month you could 'win' prizes....
They are basically cash in a savings account that pays no interest... Just like sticking it a box under the bed....
Bonds to me are something different as they are not as liquid..
Premium bonds cannot be traded as such, just buy and sell.
some info.
https://blog.moneyfarm.com/en/invest...EaAvaNEALw_wcB
#5
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Joined: May 2019
Posts: 640
Re: Modelo 720 and category for NS&I products
Our accountant said cash and savings thats what he usually does (he is Spanish).
My FIL has enough to go on the 720 and his accountant (not the same as ours) has always put them in the cash and savings box.
He redoes 720 his each year as he trades shares and what not (dont ask me Ive never done this)....
Premium Bonds have no equivalent here and there is usually head scratching about them.
What are they???
Well for me its a lottery, you pay the Uk gov who use the money, but will give it all back to you whenever you want and OH yep every month you could 'win' prizes....
They are basically cash in a savings account that pays no interest... Just like sticking it a box under the bed....
Bonds to me are something different as they are not as liquid..
Premium bonds cannot be traded as such, just buy and sell.
some info.
https://blog.moneyfarm.com/en/invest...EaAvaNEALw_wcB
My FIL has enough to go on the 720 and his accountant (not the same as ours) has always put them in the cash and savings box.
He redoes 720 his each year as he trades shares and what not (dont ask me Ive never done this)....
Premium Bonds have no equivalent here and there is usually head scratching about them.
What are they???
Well for me its a lottery, you pay the Uk gov who use the money, but will give it all back to you whenever you want and OH yep every month you could 'win' prizes....
They are basically cash in a savings account that pays no interest... Just like sticking it a box under the bed....
Bonds to me are something different as they are not as liquid..
Premium bonds cannot be traded as such, just buy and sell.
some info.
https://blog.moneyfarm.com/en/invest...EaAvaNEALw_wcB
#6
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Joined: Feb 2008
Posts: 5,614
Re: Modelo 720 and category for NS&I products
Its definitely confusing. They seem to belong to both categories but Premium Bonds are not the same as "bonds" when you mean government bonds because those are completely different ( as the Silicon Valley Bank found out!!) My accountant was saying that bonds for the hacienda means effectively you sell them just like shares hence the category they are much more complex and serious than a Child's Bond with NS&I. However as the other poster says they have no IBAN or sort code like a bank.
#7
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Re: Modelo 720 and category for NS&I products
They definitely don't have an Iban or sort code. As for Spain not having an equivalent to Premium Bonds neither do they have ISAs either Cash or Stocks and shares . I'm sure it's one of those weird anomalies as the 720 wasn't designed for us. They are declared which must be the main thing?
#8
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Re: Modelo 720 and category for NS&I products
That's the view I take . The information is there if it's a mistake it's genuine and surely can be explained and changed. Problem is options open to us for saving/investing don't match Spain's system. I work on the theory of honesty and doing my best to comply.
#9
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Re: Modelo 720 and category for NS&I products
But if they were put in different buckets you wouldn't report them at all.
Maybe it should be changed to report anything over €50,000 in total by adding up everything you have.
Seems fairer than having €49,999 and not telling yet having €50,001 you do....
But thats the fun of Spain..
#10
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Re: Modelo 720 and category for NS&I products
Yep.. The only issue would be if Premium bonds are considered 'cash' and you £10,000 and you have a savings account with £44,000 that puts you over the 'reporting figure'
But if they were put in different buckets you wouldn't report them at all.
Maybe it should be changed to report anything over €50,000 in total by adding up everything you have.
Seems fairer than having €49,999 and not telling yet having €50,001 you do....
But thats the fun of Spain..
But if they were put in different buckets you wouldn't report them at all.
Maybe it should be changed to report anything over €50,000 in total by adding up everything you have.
Seems fairer than having €49,999 and not telling yet having €50,001 you do....
But thats the fun of Spain..
#11
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Thread Starter
Joined: May 2019
Posts: 640
Re: Modelo 720 and category for NS&I products
Yep.. The only issue would be if Premium bonds are considered 'cash' and you £10,000 and you have a savings account with £44,000 that puts you over the 'reporting figure'
But if they were put in different buckets you wouldn't report them at all.
Maybe it should be changed to report anything over €50,000 in total by adding up everything you have.
Seems fairer than having €49,999 and not telling yet having €50,001 you do....
But thats the fun of Spain..
But if they were put in different buckets you wouldn't report them at all.
Maybe it should be changed to report anything over €50,000 in total by adding up everything you have.
Seems fairer than having €49,999 and not telling yet having €50,001 you do....
But thats the fun of Spain..
#12
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Location: Cantabria or Somerset
Posts: 345
Re: Modelo 720 and category for NS&I products
In the Modelo 720 instructions the two categories are "cuentas bancarias" and "valores". The difference between the two is the first covers everything that has a direct/fixed monetary value in a normal currency, while "valores" refers to everything that has a token value until you actually come to sell it. A stocks and shares ISA would go in valores, while a cash ISA would go into bank accounts. Anything that is in valores would only have a notional value until you come to sell it. I'd agree with those that say put all NSI products in as bank accounts.
Last edited by rbs_gb; Mar 29th 2023 at 10:35 am.