40 million quid lottery winners...

jeffkey1

I'd buy my seven favourite cars.... cue for another thread on cars....

dunstonh

i would be curious to know hoe the IFA that contribute to this board would spread such a massive fund.

I wouldnt. In a case like this the IFA would put together a team of specialists covering tax, law and investments and have a coordinated approach. You wouldnt invest in the same way a retail investor would as you would have access to investments that a retail investor would not have access to.

MarcoM

Aegis wrote: »

Then there are the tax avoidance schemes, VCTs, EISs, BPRAs, etc.
.

Out of curiosity may i ask at what level are these products you have mentioned available? What I meanm is would these be available to someone with a million quid cash for example or are we talking mega millionaires?

thanks

MarcoM

IronWolf wrote: »

Id definitely consult an IFA over tax and inheritance issues. But I wouldn't get any advice on investing it, I'd rather just do it myself. Id put around £5m somewhere safe, probably spread between banks with strong balance sheets, or perhaps just in cash in a deposit box.

Thats a good point but do banks allow withdrawals in large amounts of cash?

every time i want to order cash at my hsbc branch there are aklways fussing over limits, forms, call centre etc etc :mad:

i guess if you are a wealthy individual they may treat you differently and be quite happy aat giving or taking 100k in notes withouth questions asked.

brightonman123

any fees (advice or retainers etc) you pay advisors, and management firms, need to be taken into account, when considering investing..

greenface

And dont forget your ISAs :cool:. I would be careful cashing it in as it may affect your dole (just a maybe in todays world):eek:

Aegis

MarcoM wrote: »

Out of curiosity may i ask at what level are these products you have mentioned available? What I meanm is would these be available to someone with a million quid cash for example or are we talking mega millionaires?

thanks

In theory VCTs and EISs are available to anyone with a high enough risk tolerance. In practice, it's down to the individual scheme, with some choosing relatively low levels (a few thousand) and others going for much higher minimums.

For the BPRA schemes I've seen so far this year, the minimum investment amount has been £50k, and to maximise the tax efficiency of those investments you would need to be in receipt of a taxable income of £250k or more. Anything under that and the downside risk increases because your initial tax relief is lower.

None f these are for the faint hearted and should only be considered as part of a larger financial planning strategy, which means that although the product minimums may be low, a typical investor in these schemes will need to have a lot of other assets to act as their core investments.

getmore4less

With 5% returns £40m generates £2k pm interest on the interest even at 50% tax on all income.

A winner won't starve while planning spending the interest(£1m) and investing/protecting the £40m

fimonkey

I really would not need anything like that amount for a comfortable life -so I would see my existing friends and family are OK, I'd spend the rest of my time pleasing myself (which would involve charity work) and the rest (probably at least 75% of it) would be donated to the charities I support.

I wouldn't want such a big win to complicate my life - I would just like a nice quiet and fairly altruistic existence.

evenasus

I would say that the ticket was a consortium between myself, my husband and my two sons. So being divided four ways.

That would be the first sensible thing to do.