Audrey Clark

Thank you for the reply. I have looked at the areas of the HMRC website you mention and I still cannot see a definitive answer to my query. From your reply however I assume that any premium bonds wins that I wish to gift my son should come from the £3k annual tax free allowance. Thank you

Are monthly premium bond wins classed as ‘income? To date I win approx £1k per year. At present I gift my only child (my adult son) £3k from the £3k annual tax-free allowance. This £3k includes Christmas & birthday money. If I was to give him my premium bond wins does this come off the £3k gifting annual tax-free allowance or is it classes as ‘surplus income’? Thank you.

Are monthly premium bond wins classed as ‘income? To date I win approx £1k per year. At present I gift my only child (my adult son) £3k from the £3k annual tax-free allowance. This £3k includes Christmas & birthday money. If I was to give him my premium bond wins does this come off the £3k gifting annual tax-free allowance or is it classes as ‘surplus income’? Thank you.