Been in Japan since 2007, had a premium bonds account in UK since a year or two prior to that.
Had completely forgotten it even existed until last week when my parents asked about it, was finally able to sign in and found that over the years I have “won” ~8,000 GBP on the 500 GBP money I put into it.
With regards to reporting, I have a few questions:
1. Do I need to report it ASAP, or when I cash it out to a bank account? Not sure if treated similar to realized gains from that perspective
2. With the winnings coming over the last 20 years, how do I report them? As GBP at time of winning, converted to JPY at time it hits my bank, try to find the exchange rate at time of winning and use that, or some other method?
If anyone is able to point in the right direction, I would be extremely grateful. Tried finding the answer online but feel like I have been going around in circles.
by Quantumbinman