Hi
I know there is some debate as to whether Premium Bond winnings, received after the date of death, should be treated as income or capital. How do most people treat them?
thanks
Hi
I know there is some debate as to whether Premium Bond winnings, received after the date of death, should be treated as income or capital. How do most people treat them?
thanks
I have treated prizes as an accretion to capital.
However, if a prize is substantial and there are different interests in capital and income, it might be worth getting a quick opinion from Chancery counsel as I suspect both sets of beneficiary might well claim the prize is theirs. If it’s a £1 million prize, we could end up with judicial guidance.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals