Inherited £200k, what to do with it?

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Leanne1812
Leanne1812 Posts: 1,688 Forumite
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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

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  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
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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:
  • Leanne1812
    Leanne1812 Posts: 1,688 Forumite
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    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?

    Leanne
  • avantra
    avantra Posts: 1,327 Forumite
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    :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.
  • amcluesent
    amcluesent Posts: 9,425 Forumite
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    >They already inherited £100k last year<

    Elderly, well-off relatives having a run of 'bad luck' there....
  • Leanne1812
    Leanne1812 Posts: 1,688 Forumite
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    Anyone else please?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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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.
  • G_M
    G_M Posts: 51,977 Forumite
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    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....
  • musehead
    musehead Posts: 389 Forumite
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    Professional advice is definately needed.
  • Leanne1812
    Leanne1812 Posts: 1,688 Forumite
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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 :D

    Leanne.
  • dunstonh
    dunstonh Posts: 116,759 Forumite
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    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.
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