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advice needed for out of court settlement
portron
Posts: 5 Forumite
I am a N.Ireland resident in my 30s and I expect to receive an out of court settlement worth between €40,000 to €80,000 some time this year.
I have several questions:
Firstly I don't know if there will be charges made to me for transfer of funds from Rome to my savings account, will I have to pay tax on this, or if not will I have to pay tax on interest etc
Secondly, I don't know what to do with this money. I don't have any savings, nor any major debts apart from student loans, I don't have a mortage. I am self employed but I don't think I have been working long enough, nor earning enough, to get a mortage using this money as a deposit.
I would like this money to have a lasting impact so I think that I would like to do two things: do a postgraduate course (PGCE, or a masters or both, but I think both would eat up most of the minimum amount I expect) and invest it.
I have very little understanding of financial matters, is there any advice on what to do with this large sum of money regarding making a profit or sound investment that can boost my income?
Am I best to forget about it for ten years to make best use of it?
I don't know what to do, I know it could be easily spent but I want to be sensible with it.
Thanks
I have several questions:
Firstly I don't know if there will be charges made to me for transfer of funds from Rome to my savings account, will I have to pay tax on this, or if not will I have to pay tax on interest etc
Secondly, I don't know what to do with this money. I don't have any savings, nor any major debts apart from student loans, I don't have a mortage. I am self employed but I don't think I have been working long enough, nor earning enough, to get a mortage using this money as a deposit.
I would like this money to have a lasting impact so I think that I would like to do two things: do a postgraduate course (PGCE, or a masters or both, but I think both would eat up most of the minimum amount I expect) and invest it.
I have very little understanding of financial matters, is there any advice on what to do with this large sum of money regarding making a profit or sound investment that can boost my income?
Am I best to forget about it for ten years to make best use of it?
I don't know what to do, I know it could be easily spent but I want to be sensible with it.
Thanks
0
Comments
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The first thing it to get it to britain and into GBP. Then invest it in an easy access acct to start. Many pay around 3% so shop around. If you are a taxpayer, you can put up to 5340 this year and 5630 next into an ISA will will save you on tax- you will pay tax on the interest above this. Your placs are far too short term to 'invest'.
As to tax and fees for removing ti from Italy I have no idea.0 -
Thanks atush.
Northern Ireland is in the UK and my money will automatically be converted in to GBP once it is in my UK bank account.
What are placs? I didn't mention short term investment - my question, I repeat is twofold: any tax related/money transfer info or advice would be great, and advice about what to do with the money as an investment.
I have a normal savings account with about 3% interest so I thought there might be better options for the long term for these amounts of money.0 -
Or perhaps another way to put it - simply allowing €40,000 to sit in my already existing savings account with 3% interest and squandering it slowly over the next five to ten years (pay rent, get a car, go on holiday etc... ) is something I am trying to avoid.0
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