Joppa

Don't you have to declare your premium bond winning and pay tax on it in Spain? Lottery wins are taxed here.

Ronnyone

You just declare wins as income the same as interest from bank savings. I do it each year.

missile

Rishi Sunak’s wife says she will start paying UK tax on all her income

Barriej

We keep premium bonds mainly for ease of access. I doubt anyone uses this as a way of saving.
Although saying that my first £1 bond was given to me in 1964 when I was 2 and I still have that paper bond.
We seem to be lucky with the 'wins' and got over £300 last year.
The biggest draw has to be the fact that it's possible to 'win' a million and you get the same chance every month.

bobd22

They do to people with WhatsApp numbers registered but how do you just phone a number with WhatsApp?

Ronnyone

You basically get an interest on premium bonds of around 0.5-0.7 %. It isnt the same as a normal lottery as it is designed to split prizes based on investments. Of course you might win the big payout but that is basically just one big one a month, everything else is just £25/ 75/ 125. The chances of winning the big one are probably about 15 million to 1. Most investors with max holdings of £50,000 get monthly wins of around £ 25 so £ 250- £ 300 is standard. The only plus side is that if held as a UK resident then they are tax free- if Spanish resident you have to declare wins on your modelo 100.

Lynn R

Although only lottery winnings of €40,000 or above are now taxed. The limit was much lower when the tax was first imposed but has gradually been increased.


https://administrativando.es/como-y-...2.000%E2%82%AC.

Jon-Bxl

I dont think you can, Bob.

I have Skype as well (as already recommended) with auto reload when it falls below a certain amount. This gives me 3 choices to call, the 3rd being a 'normal' call from the phone. Depending on my package and where I am calling, I choose the cheapest one

Jon

bobd22

I didn't think you could Jon. I have used Skype and Viber via internet and both are good. I recently got a mobile phone package included when I changed the home internet provider, it gives me unlimited calls in Spain. I came across Moremins which allows me to use my free spanish minutes to call the UK or elsewhere at very low cost without the need for internet or data. I am a very infrequent phone user and it works great for me , very good call quality not VoIP just a mobile phone call. I find my moremins credit lasts longer than Skype or Viber, just another option. They offer other things like the option to have a UK or other national number but without a sim card. So people can phone you in Spain via that number from the UK at same rate as phoning a normal UK number so if they have a contract generally free. The wonders of modern technology.

Barriej

Don't disagree, but the money can be in my account within 48 hours when I want it (basically for us its a slush fund that i moved the 25% tax free bit of my pension to use as spending money and emergency funds) so putting it in bonds etc would limit the speed I would get it if I needed it.
Building society were paying 0.01% so I might have well kept it in a carrier bag under the bed..

Cant see the tax here on £300 or (€350 ish) 'winnings' being worth moaning about..
And we aint got anywhere near the 50k each in any case, in fact combined we are a long way off 50k.
And again if we won the million, it wont bother me to pay 40% tax or whatever either. I will still have loads more money than I started with...

Tax is just one of those things I don't care about. Poor people never do. its only the mega rich who spend millions to save a couple of quid and then spend the rest of their time worrying about it (I know as I knew a multi millionaire once).
I live here and if it means paying tax on the things, then oh well never mind.

The level of tax we would be paying was not and will never be a reason for going to live somewhere for me.

bobd22

That's pretty much how I see my premium Bonds and savings with NS&I. Simple easy to understand safe and easy to get money if needed. Savings wise post brexit I found it difficult to open a UK basic savings account which I need to keep a small pot of money in just in case for repairs to property we rent out in UK. I have invested earlier in my life in better but more risky investments. Being late 60s now I just want a safe easy option. I declare my winnings and interest to Spain as required also I have UK state pension paid gross in Spain and declare that to Spain for tax. My other income is from Crown pensions taxed in UK but amount earned I declare to Spain as required even though not taxed on it. I give the details to my local gestor he submits my tax and with pension winnings and interest etc I pay less tax in Spain than I would if I drew my state pension in the UK and paid tax on it in in uk. Works for me I sleep at night knowing I haven't hidden anything and my local gestor only charges me 30 Euros to file and submit my tax.

missile

You can phone anyone in your WhatsApp contacts list / invite those luddites who do not have WhatsApp to join :-)

bobd22

yes that's what I thought they have to be in your contact list or have registered their number on WhatsApp which some businesses do. You can't though just dial in a land-line or mobile number which you can with other options all be it they cost less than normal phone calls but are not free.
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EsuriJohn

We might just have a windfall coming in Sterling and like you we both have state and government pensions paid into banks in both Spain and U.K. We also have a very few PB’S from years ago that never win anything. However it might be useful to keep the windfall in U.K. in case we have to go back in a hurry, first event or care needs. Since we have a U.K. bank accounts that accepts our domicile in Spain is it just a case of adding to our existing PB’S or do we need to open a new account? Is there an embargo period after purchase before new bonds are entered in the draw?
Also who is the gestor who does tax returns for €30 pa?

bobd22

If you already have PB you can just register online and either buy or cash in from a nominated UK bank account. I actually have it set up so any winnings are automatically reinvested into more PBs. It's very straight forward, I think when you get more bonds they go into the following months draw. The Gestor is just our village Gestor in Sayalonga.