what to do with £75,000

Bostonmingler

Hi all,

My first ever post....

My situation: My father died young and left the family financially secure. My mother is now giving me money to avoid any inheritance tax in the future. I'm an only child
I've got 75k that needs investing sharpish. I'm not a big risk taker when it comes to money.
Don't have a mortgage and my family income of £3500pm pays for everything I need/want. BTW 2 kids 5 and 2

Any recommendations would be more than welcome...

Thanks Boston

xylophone

http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm
http://www.hmrc.gov.uk/inheritancetax/intro/transfer-threshold.htm
See above if you haven't already.

You then need to decide when you are likely to need the money - five years or more, you might want to consider a stocks and shares isa for you and your spouse.

You might wish to make additional contributions to your pensions.

You might wish to subscribe up to the full allowance for the year in your children's CTFs. https://www.gov.uk/child-trust-funds/overview

You might wish to pay down your mortgage.

You might simply wish to use cash deposits inside/outside ISAs.
http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html