Paying tax on UK premium bonds
#1
Just Joined
Thread Starter
Joined: Jun 2022
Posts: 7
Paying tax on UK premium bonds
I’m relocating over to US on L1 and have savings in premium bonds. We don’t currently pay tax on any winnings from premium bonds in the UK. I’m guessing that won’t be the case if we win whilst in the US?
#2
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,545
Re: Paying tax on UK premium bonds
Separate issue, assuming you don’t win anything, you’ll need to list the account in your annual FBAR and 8938 submissions, along with any and all foreign accounts, whether they pay interest or not. (If appropriate.) Again, on these forms, I simply list the institution as NS&I, specify their postal address In Glasgow, and list my account number.
#3
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Paying tax on UK premium bonds
This is what NS&I say: If you live outside the UK, please check if local regulations let you hold Premium Bonds. For example, the US has strict gaming and lottery laws which mean that it might not be possible or practical to hold Premium Bonds while in the US. https://www.nsandi.com/help/join-nsa...ndi-outside-uk
#4
Re: Paying tax on UK premium bonds
This thread will be of interest: US Income Tax on UK Premium Bond Winnings?
This is what NS&I say: If you live outside the UK, please check if local regulations let you hold Premium Bonds. For example, the US has strict gaming and lottery laws which mean that it might not be possible or practical to hold Premium Bonds while in the US. https://www.nsandi.com/help/join-nsa...ndi-outside-uk
This is what NS&I say: If you live outside the UK, please check if local regulations let you hold Premium Bonds. For example, the US has strict gaming and lottery laws which mean that it might not be possible or practical to hold Premium Bonds while in the US. https://www.nsandi.com/help/join-nsa...ndi-outside-uk
My experience...as soon as the NS&I know you are in the US they will require you to cash in the bonds.
#5
Re: Paying tax on UK premium bonds
This is on the NS&I web site - the US has strict gaming laws which may mean it isn’t possible or practical to hold Premium Bonds while living there.
https://www.nsandi-adviser.com/assis...erseas-clients
https://www.nsandi-adviser.com/assis...erseas-clients