Could someone please guide me here? In which box on form 2047 do premium bond winnings need to be declared and what is the applicable % of social charges.
Hi Keith and welcome to SF
There is a whole specific thread on tax 2021 with guides here which address your question (and probably some other questions as well) Look at the Help Tax Form 2021 pdf.
This topic started June 2020 and whilst your enquiry hasnāt changed since, any other matters covered in this topic might well have.
Is there anything you can receive as a resident in France without it being taxed?
There are some tax free peanuts scattered aroundā¦you can rent a room in your own house (not holiday let but a lodger) and under a certain amount thatās ok. You can sell a few things on leboncoin (but not too much). You can give someone a lift and ask them to pay for the petrol, and you can be paid a small amount for voluntary work you do for associations.
But please donāt ask which box these go in on the tax form!
Also the interest on certain specific savings accounts (eg Livret A)
Arenāt the winnings taxable in France just because they are UK, therefore not exempt? I think French lottery etc winnings are tax free.
UK lottery winnings are also tax free hereā¦as you donāt keep your original stake. The issue with Premium Bonds Is that your original money stays in place so it is treated like interest on a savings account
Thank you for pointing me in the right direction! Those guides are really helpful- and so is this active forum.
Makes sense when you think about it - since you keep ownership and can withdraw your money, it is an investment, not a gamble - the anomaly seems to be on the UK side, treating premium bonds differently from other investments.
If one were to win the 1 million pound Premium bond prize, would it be possible to relinquish French residency and return to the UK as a taxpayer within the 8 days before the cash is deposited in oneās bank account? I am all for paying my taxes here in France but having to give up Ā£300, 000 would be very painful. It could buy a nice house back in UK.
Asking for a friend. , (and not really expecting to receive a definitive answer to this extremely unlikely scenario).
You donāt have to claim the prize immediately so could probably delay claiming it until youāre a UK tax resident again.
If you win a million you will get an NS&I financial and tax advisor as they now realise people may need help with those sort of sums. So when you get that phone call ask them to phone you immediately!
Taxable in France as a capital gainā¦ winnings from games etc count as tax free because you lose your stake. Premium bonds you keep your stake and thatās why its a capital gain.
Thanks, but I could find no option to defer claiming a prize. Only pay into nominated account or buy more bonds.
Yes, but I wanted to know if one could become non-resident in the 8 day window before receiving the money, therefore avoiding the tax. Itās all hypothetical of course, so really doesnāt matter. Thanks for replying.
Oh, just realised , I have declared winnings as interest in the past, I didnāt realise it was capital gain. I donāt suppose you have a link to this info? Cheers.
Thanks Jane, Iāll bear that in mind when it happens! (bound to be soonā¦)
If you could do that Iād be a resident of Dubai every pay day!
I thought if you won big there was a claim process to go through before the money was handed over?
No, good try but no cigar.
The biggest Iāve won was one thousand pounds, (auto payment) so I donāt know. Maybe it was different in the past before online banking became the norm.
I know there exist āunclaimedā prizes. I presume these were, for some reason, unable to be delivered to the nominated account.