Yes, winnings are taxable - subject to some allowances. However, unlike with banks, there is no exchange of information between National Savings and the tax authorities, as they pay all winning by to a UK bank account, who in turn have to make the exchange of information.


Frankly, you've more chance of being hit by lightning than you have of winning the million, so I really wouldn't worry about it.


I've held my bonds since 1983 and the most I've ever won is £ 100 but still, bad investment or not, I continue to hold them as you never know!