tipex

Can I buy premium bonds in the UK or is this classed as gambling? I live in Florida. TIA

Owen778

I seem to remember that they:
1. Count as gambling. And 2. Even if not would be taxable in the US, so a pretty bad investment.

tipex

That's what I thought.

robin1234

I think premium bonds are fun to have, though. I’ve been an investor in them since 1958, and I’m not about to divest just because I’m a US citizen and resident. I simply refer to the holding in the FBAR return as “NS&I”, with the address in Glasgow and so forth. I did once win £25, so I declared it as interest and paid tax on it. Now, admittedly, if I won a large prize, red flags might be raised! I figure I’ll cross that bridge when I come to it ...

tipex

Thanks, I had them 10 years ago but cashed them in for the same reason as Owen788 said. Gambling. My problem is I have still have money in England sitting in a bank earning zero interest. The exchange rate has got much better now so I may just move it to dollars and not have to do FBAR anymore.

robin1234

Exactly - gambling. That was the issue I addressed in my post, by implication.

philat98

I have 50k of bonds and since the winnings were reduced I have won £50. Not worth bothering with unless you can benefit from changes in currency values.