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advice needed for out of court settlement

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

Comments

  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
  • portron
    portron Posts: 5 Forumite
    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.
  • portron
    portron Posts: 5 Forumite
    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.
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