Advice: UK premium bonds in North Cyprus

spudlov


Joined: 15/02/2008
Posts: 100

Message Posted:
05/09/2010 11:22

Does anybody know if the North Cyprus goverment allows Brits to hold UK premium bonds if they live in North Cyprus on a temporary residency? Are there tax implications or are they not allowed?

Thanks in advance for any info.

Martin

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
05/09/2010 11:45

Whose going to tell the government if you've got a preium bond?

come_on_aylin


Joined: 14/06/2008
Posts: 908

Message Posted:
05/09/2010 12:51

We held premium bonds with a NC address without problem. My brother, who is resident in Denmark, has had to pay taxes in Denmark on his winnings though. I think it depends on whether the country you are resident in is advised by UK. I suspect TRNC is not.

stockiefan


Joined: 04/05/2009
Posts: 574

Message Posted:
05/09/2010 13:38

All our winnings go to a relatives address in the UK. The bonds are still with an address in the UK.

spudlov


Joined: 15/02/2008
Posts: 100

Message Posted:
05/09/2010 23:07

Thanks a lot friends. That was the problem I was thinking of, how to get hold of your winnings without a uk address

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
05/09/2010 23:10

god my premium bonds go back to when my eldest daughter was born 43 years ago. i never ever thought about them til this . I could be owed millions yeah x I guess im lucky as my son is in my house in cardiff soo it would go there i guess x

Navek



Joined: 01/06/2008
Posts: 2656

Message Posted:
06/09/2010 02:12

Hi spudlov,

If you've got a TRNC PO box,

any winnings can be sent there.

No problem

Navek

Navek



Joined: 01/06/2008
Posts: 2656

Message Posted:
06/09/2010 02:18

Hi Lilli,

If you have your Bond Holders Number,

you can check.

Have you won? - Enter your Holders No. See...

http://www.nsandi.com/

Good Luck,

Navek

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
06/09/2010 02:18

Premium bonds used to be a reasonable punt and were even an advised investment by Martin Lewis (Money Saving Tips) but since the number of prizes was drastically reduced and with it the pot, they are no longer worth holding in any numbers.

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
06/09/2010 08:43

Thank you Navek i will check x

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
06/09/2010 08:56

If you went to the General Post Offices in the UK they used to hold a book thicker than the London telephone directory stuffed with the details of unclaimed prizes. People who'd moved etc. and never informed the NSI folk.



When working in social Security dealing with claims Premium Bond holdings come up as topic. If I came a across a widow said she thought they had some and who couldn't pay the funeral bill for her husband and they'd moved around a lot, I used to look in there... it worked once. She'd been sitting on a large win and knew nothing about it. She was so pleased a pauper's grave wasn't the order of the day.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
06/09/2010 09:47

I think the online check only goes back 6 months - might be better writing to them with your holder's number, old address and new address.

rigsby


Joined: 21/09/2007
Posts: 912

Message Posted:
06/09/2010 10:12

I have just finished with the premium bonds people over my late mothers bonds.It has taken almost 4 months to sort out.They insisted no bonds held,i then told them that i had them checked with them for any winnings about 10 years ago.I now have the copy,s of the bonds and they have given me the money.The bonds were bought in 1974.I am now £10 richer.No prizes had been won.

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
06/09/2010 10:17

Thank you for the info Groucho. This thread prompted me to check on mine, nothing. If they only go back 6 months i will drop them a line. Is there any limit on the number of years you can hold them as mine go back welll over 30 years x

rigsby


Joined: 21/09/2007
Posts: 912

Message Posted:
06/09/2010 10:26

Lilli,They check back to when the bonds started.You must have the correct name for them to check.Thats why it took 4 months for them to check my mums. Some of the problem was caused by me as mum got married twice and i was using the wrong surname.If i had not checked the bonds guess who would have kept the money?

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
06/09/2010 17:15

Theoretically I don't think there is any time limit for a rightful owner to claim a prize.

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
06/09/2010 19:07

Whenever you notify a change of address, they check to see if you have won anything and not claimed.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
07/09/2010 12:03

Groucho is spot on.

I had the max amount and dumped them. They used to make 5% tax free. After changes you were looking at 1.5%.

Now in TRNC at 11%

spudlov


Joined: 15/02/2008
Posts: 100

Message Posted:
22/09/2010 00:59

Sorry for not posting sooner but I've been away from my pc. Thaks to all for your input, especially Navek. Thanks again

Spud

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
22/09/2010 08:58

Spudlov



Remember the online check may only go back so far... if you want to go all the way back you may need to notify your COA and they will then check all the way back for you.