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Introducing the LemonFools Personal Finance Calculators

Premium Bonds

kempiejon
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Re: Premium Bonds

#130836

Postby kempiejon » April 9th, 2018, 5:07 am

Bouleversee wrote:and when I pop my clogs NS&I will, I believe, release it to pay tax due on my estate before probate is granted, a huge consolation.


I'm not sure you can count on that see https://www.nsandi.com/files/published_ ... s-form.pdf
We will let you know if we need a Grant of Representation (also known as a Grant of Probate or Grant of Letters of Administration)
once we receive your completed form. We may ask for this if the customer’s total NS&I savings are £5,000 or over. The Director of
Savings also reserves the right to request a Grant of Representation for a claim of any value.

Bouleversee
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Re: Premium Bonds

#130860

Postby Bouleversee » April 9th, 2018, 9:20 am

kempiejon wrote:
Bouleversee wrote:and when I pop my clogs NS&I will, I believe, release it to pay tax due on my estate before probate is granted, a huge consolation.


I'm not sure you can count on that see https://www.nsandi.com/files/published_ ... s-form.pdf
We will let you know if we need a Grant of Representation (also known as a Grant of Probate or Grant of Letters of Administration)
once we receive your completed form. We may ask for this if the customer’s total NS&I savings are £5,000 or over. The Director of
Savings also reserves the right to request a Grant of Representation for a claim of any value.


I thought I had established that NS&I would pay the proceeds of investments directly to HMRC to pay IHT tax due on an estates, thereby reducing the amount that would need to be paid in order to obtain probate, once that amount had been determined. I wasn't talking about paying it to executors/beneficiaries directly. However, I will check again if you think I am mistaken but it won't be today.

kempiejon
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Re: Premium Bonds

#130870

Postby kempiejon » April 9th, 2018, 10:17 am

Bouleversee wrote:
I thought I had established that NS&I would pay the proceeds of investments directly to HMRC to pay IHT tax due on an estates, thereby reducing the amount that would need to be paid in order to obtain probate, once that amount had been determined. I wasn't talking about paying it to executors/beneficiaries directly. However, I will check again if you think I am mistaken but it won't be today.


Ah sorry Bouleverse, I misunderstood the gist of your post. I knew nothing about paying directly to HMRC for IHT settlement you it looks like you are correct as per this link.
https://www.gov.uk/paying-inheritance-t ... nvestments "You can ask National Savings and Investments (NS&I) to pay money from the deceased’s accounts or investments to HM Revenue and Customs (HMRC). You’ll have to send documents to both organisations to pay a bill this way."

Bouleversee
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Re: Premium Bonds

#130872

Postby Bouleversee » April 9th, 2018, 10:43 am

kempiejon wrote:
Bouleversee wrote:
I thought I had established that NS&I would pay the proceeds of investments directly to HMRC to pay IHT tax due on an estates, thereby reducing the amount that would need to be paid in order to obtain probate, once that amount had been determined. I wasn't talking about paying it to executors/beneficiaries directly. However, I will check again if you think I am mistaken but it won't be today.


Ah sorry Bouleverse, I misunderstood the gist of your post. I knew nothing about paying directly to HMRC for IHT settlement you it looks like you are correct as per this link.
https://www.gov.uk/paying-inheritance-t ... nvestments "You can ask National Savings and Investments (NS&I) to pay money from the deceased’s accounts or investments to HM Revenue and Customs (HMRC). You’ll have to send documents to both organisations to pay a bill this way."


Thanks, kempiejon. I thought I must be complelely losing my marbles as well as my memory; well on the way! I meant to say "thereby reducing the amount that might need to be BORROWED to pay IHT in order to obtain probate", not that it would make very much difference. I wonder why they say one shouldn't pay this way if one needs to obtain probate quickly.

PinkDalek
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Re: Premium Bonds

#130912

Postby PinkDalek » April 9th, 2018, 1:42 pm

Bouleversee wrote:... I wonder why they say one shouldn't pay this way if one needs to obtain probate quickly.


Possibly in view of the later "HMRC will contact NS&I and ask for the money to be transferred. This can take up to 4 weeks." which I don't think is a long time in the scheme of things.

Bouleversee
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Re: Premium Bonds

#130913

Postby Bouleversee » April 9th, 2018, 1:44 pm

Thanks, PD. Nor do I.

Bouleversee
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Re: Premium Bonds

#136310

Postby Bouleversee » May 2nd, 2018, 1:21 pm

3 x £25 prizes this month. Better than nothing but still not marvellous.

PinkDalek
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Re: Premium Bonds

#136314

Postby PinkDalek » May 2nd, 2018, 1:30 pm

Bouleversee wrote:3 x £25 prizes this month. Better than nothing but still not marvellous.


Thanks for the prompt, 5 X £25 for me. No doubt we'll keep a running tab to see how the year pans out!

CryptoPlankton
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Re: Premium Bonds

#136326

Postby CryptoPlankton » May 2nd, 2018, 2:04 pm

Bouleversee wrote:3 x £25 prizes this month. Better than nothing but still not marvellous.

You do make me smile, Bouleversee - your positivity permeates the Lemon Fool like a refreshing breeze on a hot summer's day :)

CP (2 x £25)

AleisterCrowley
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Re: Premium Bonds

#136338

Postby AleisterCrowley » May 2nd, 2018, 2:33 pm

£100,000

...is one of the many prizes I didn't win. I suspect 1 x £25 at best, No high value winners in Shropshire this month

swill453
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Re: Premium Bonds

#136363

Postby swill453 » May 2nd, 2018, 4:13 pm

swill453 wrote:In the 7 months my wife and I have had £70,000, we've won 5 months at £75, one month at £100 and one month at £50.

So averaging £75, which is almost exactly the stated 1.4% return. Surprised how consistent it is.

Another £75. Still annoyingly, coincidentally, consistent.

Scott.

AleisterCrowley
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Re: Premium Bonds

#136461

Postby AleisterCrowley » May 2nd, 2018, 10:02 pm

Hmm, £50 (2 x £25)
That's £175 this year so far on a starting value of £12,386.
I make that 1.41% with 7 draws to go. With average luck going forward, should be a good year (!!!)
I only managed 1.43% for the whole of 2017

Mike88
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Re: Premium Bonds

#136522

Postby Mike88 » May 3rd, 2018, 10:14 am

I must be one of the unluckiest on here - £18000 in bonds held for well over a year and only 2 x £25 in winnings.


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