The big win

[audio]

Supposing, just supposing mind that a Brit French resident won a considerable amount on the UK Premium Bonds. This would be taxable as earnings and also put the individual into the Fr fortune tax bracket.

Quite a sum to pay perhaps.

If the winning cheque is not cashed until the recipient legs it back to the UK and reinstates as a UK resident, would this be void of Fr tax?

No PM begging letters please, it hasn’t happened yet but I’m feeling lucky.

[Sunday Driver]

I suppose you could argue that until you actually banked the cheque, all you'd received as winnings was a piece of paper promising to pay etc.

Even if you won a million quid, your French tax bill after allowances would be insignificant compared to your new found wealth and would be paid out of the interest earned, so why wait to go back to the UK before you can start to spend, spend, spend.....[:-))]

 

[Dave&Olive]

hi ok

                      Think you will find out that the Premium Bond people will inform the French tax people . I went to buy some more a few years ago , you now have to provide proof of residency and if it is out of the UK you have to provide your French tax codes so they can tax you ...

               If they are still registered to a UK address ????    Reg Perren springs to mind

                                              Dave

[NickP]

[quote user="audio"]Supposing, just supposing mind that a Brit French resident won a considerable amount on the UK Premium Bonds. This would be taxable as earnings and also put the individual into the Fr fortune tax bracket. Quite a sum to pay perhaps. If the winning cheque is not cashed until the recipient legs it back to the UK and reinstates as a UK resident, would this be void of Fr tax? No PM begging letters please, it hasn’t happened yet but I’m feeling lucky.[/quote]

If you send me your bank account number, your password and your mothers maiden name, also the premium bond numbers I will sort it out for you. [:D] 

[audio]

Thank you SD but I think the interest rates in these days would not outweigh leaving ASAP.

Good point Dave, worth thinking about, thanks.

As for you NickP, recalling your past comments and from someone who does hold a grudge. UP YOURS!

[Jo]

I understood that if you were French resident you are barred from entering UK lottery, raffles etc? I even had my raffle tickets returned by the British legion!! Does that not include premium bonds?[8-)]

[NickP]

[quote user="audio"]Thank you SD but I think the interest rates in these days would not outweigh leaving ASAP. Good point Dave, worth thinking about, thanks. As for you NickP, recalling your past comments and from someone who does hold a grudge. UP YOURS![/quote]

Ooooooh, dear oh dear another humorless sherman. [:P]

[Doodle]

Hi Jo,

No it doesn't include premium bonds. With a french only address, as long as you have a UK bank account with a debit/credit card you can buy premium bonds but it must be done via the telephone. If you want to take the cash from any winnings it has to be paid into a UK bank account otherwise reinvest in more bonds.

Chris

[parsnips]

Hi,

    What with the poor return and the taxable status (in France), holding premium bonds directly is a mug's game . If you are determined to have them , find a trusted UK resident child or parent (who can give you large tax-free french gifts), and put the bonds in their name.

[Iceni]

[quote user="knee gel"]

 If you want to take the cash from any winnings it has to be paid into a UK bank account otherwise reinvest in more bonds. Chris

[/quote]

Surely the NS&I cheques have to be paid into a GBP account (but not necessarily in the UK)? Though I confess that I have never found the need to try to open one so have no idea of the hurdles placed in the name of money laundry.

John

[Doodle]

Hi John,

All I know is that when buying some bonds a couple of years ago the very helpful lady at NS&I explained that although I didn't need an english address, cashing in of bonds had to be paid into a UK bank account via DD.

I elected to have any winnings re-invested and incidentally parsnips I have had a £500 win in the past plus several £25 and £50 wins which renders my very small investment even with tax deductable a very good deal which is obviously down to luck and perhaps being a lancashire lass! (if I could I would now insert icon no.11!)

Chris

[pomme]

Wouldn't an exceptional sum, e.g. a large premium bond win, be treated using the system of quotients: http://vosdroits.service-public.fr/F3178.xhtml which would still result in paying the top rate of tax on the majority?

[parsnips]

[quote user="pomme"]Wouldn't an exceptional sum, e.g. a large premium bond win, be treated using the system of quotients: http://vosdroits.service-public.fr/F3178.xhtml which would still result in paying the top rate of tax on the majority?[/quote]

Hi,

    You are probably right; but the tax bill would still be considerable. For a couple with a normal taxable income of 20 000€ , a win of 100 000€ would give rise (on my calculation) to 12 700€ extra tax. The bill for the whole 120 000€ calculated normally would be 24 867€.

[Doodle]

Do you know what, I wouldn't care how much tax etc I had to pay if I won a large amount as I would still be much better off than I am now. All donations gratefully received !

Chris