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Inherited £200k, what to do with it?
Leanne1812
Posts: 1,688 Forumite
Hi forum,
My sister and brother in law have just inherited £200k and are unsure what to do with it. They are non-uk residents therefore don't pay tax here.Any suggestions on whether to invest or save? Any tips on high interest savings accounts are most welcome.
Thanks in advance.
Leanne
My sister and brother in law have just inherited £200k and are unsure what to do with it. They are non-uk residents therefore don't pay tax here.Any suggestions on whether to invest or save? Any tips on high interest savings accounts are most welcome.
Thanks in advance.
Leanne
0
Comments
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They will struggle to open accounts in the UK. Offshore accounts are a possibility, but generally do not offer the same protection as UK based accounts.
Tax planning for that amount is important, especially since they are non-resident.
Expert advice may be a reasonable idea?In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Thanks for your reply.
They lived here untill 10 years ago and still have uk bank accounts. Also offshore account in jersey. They already inherited £100k last year and it was tax free. Could you explain the tax concerns that you mention please?
Leanne0 -
:j I am sure there will be many on the forum that will be delighted to provide local storage facilities. :whistle:Five exclamation marks the sure sign of an insane mind!!!!!
Terry Pratchett.0 -
>They already inherited £100k last year<
Elderly, well-off relatives having a run of 'bad luck' there....0 -
Anyone else please?0
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Well I need some money...?
To be honest, with that amount of money, you're not going to get the responses you want. We can't help when you're talking those amounts.0 -
For savings accounts, well, browse this forum and the usual comparison sites.
But there are too many unknowns for anyone to advise:
how old are they? What's their overall financial position? Might they want to use some/all of the money? If so how soon?
What country do they reside in? What are the savings/investment options there? Do they pay tax there?
What risk attitude do they have? What other savings/investments do they have?
etc etc.......
No, don't reply - these are rhetorical questions which need to be asked by (and answered) both the couple and their financial advisor....0 -
Professional advice is definately needed.0
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Cheers for the replies folks. I understand, proffesional advice is what I will tell them. Maybe i'll suggest they give me it for safe keeping
Leanne.0 -
Whats best for them will really depend on the rules and taxation of the country they are resident in.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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