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HMRC internal manual

Inheritance Tax Manual

Premium Bonds (box 54): when to include prizes

A premium bond prize is not taken into account for inheritance tax purposes until the draw allocating it has taken place. A prize should be taken into account from the day following the date of dispatch of the prize notification or, in the case of prizes under £100, of the warrant.

The present monthly draw normally starts on the first full day of each month and the date of dispatch of the notification is as follows

Prizes of £1,000 and over 1st day of draw
Prizes of £500 2nd day of draw
Prizes of £100 3rd day of draw
Smaller prizes Determined by the date of warrant

In case of doubt the date of the draw for any particular month can be checked.

You should seek advice in any case of doubt or any case where the taxpayers question our interpretation