Tax on Prize Bonds

C

clueless

Registered User
Messages
97
Does anyone know if you have to pay tax on encashed Prize Bonds that have been bought as a gift?
 
Do you know if there is a limit to the value of the bonds that one could receive before there would be a tax liability?
 
Forget about it being bonds for a minute. Any asset you receive falls under gift tax rules.

The amount depends on the relationship between the people.
If it's from a parent, you've a lifetime threshold of 310,000.
[broken link removed]

There's also a small gift exemption. You can receive up to 3,000 from any person in any year, and ignore it for tax purposes.
 
I have prize bonds In joint name with my children for years. When I die, are the prize bonds considered inheritance if they are already in their joint names? Thank you.
 
"The amount depends on the relationship between the people.
If it's from a parent, you've a lifetime threshold of 310,000.
[broken link removed]"

So can I confirm that I understand this correctly. Any amount up to €310,000 can be given as a one off gift from a parent to a child without paying tax on it?
 
clueless said:
So can I confirm that I understand this correctly. Any amount up to €310,000 can be given as a one off gift from a parent to a child without paying tax on it?
Click to expand...

It doesn't have to be a one-off gift. It can be a series of gifts given over years, that add up to a total of €310,000. When the parent eventually dies, the same threshold applies and any gifts already given will be deducted from the €310,000 to establish if tax must be paid on the inheritance.

See the point above about the small gift exemption in post #4.
 
You must log in or register to reply here.
Back
Top