What to do with £50k?

hillyuphere

Hello all, I have been trawling the forums but can't seem to find the answer to my question ... hope u lot can help...

We are selling the house and emigrating with approx. 18 months travel en route to New Zealand. We will have £50k from the sale of the house and I need to know where to put it, without risk, until we land in NZ to use as deposit for another house. We will have no other debts here in the UK and won't be working whilst we are travelling.

Do I put some in an ISA? some in a savings account? an 'off-shore' account? Will I have to pay tax on it all or just the interest it gains?
Thanks in advance, I appreciate there are a lot of questions... please advise on any bits u can... thanks Jane

jamesd

High interest savings account. If you're going to be out of the country for a full tax year you can ask for interest without tax being deducted, assuming you are non-resident for that year. You'll be required to certify on the form that you won't have more than the personal allowance of income - with two people and two different accounts that will be possible if it's your only income.

wymondham

I'll look after it for you! :rotfl:

hillyuphere

:beer:

lots of people have offered to look after it for me but I don't trust any of them not to spend it !
Thanks for the advice :T

albula

I too shall be selling my house and leaving for good. Anyone know which banks or building societies accepts the R105. I know from Inland Revenue (non residents dept) that I can leave it here in England. As it is 200k am really stressed what to do with it? No you can't look after it for me.

doodle_bug

If it was me I'd put it in a high interest savings account with Nationwide, you would have to declare that you wouldn't be liable for tax to get tax free savings rate. The reason I'd go for Nationwide is; open up a flex account as well, register for internet banking, when you need the money transfer it from savings to flex account and then withdraw it anywhere in the world and you will get the market exchange rate( not tourist rate) and pay no commission or fees.

mojo_jojo

doodle_bug wrote: »

If it was me I'd put it in a high interest savings account with Nationwide, you would have to declare that you wouldn't be liable for tax to get tax free savings rate. The reason I'd go for Nationwide is; open up a flex account as well, register for internet banking, when you need the money transfer it from savings to flex account and then withdraw it anywhere in the world and you will get the market exchange rate( not tourist rate) and pay no commission or fees.

Yes, in particular you can put it in my Nationwide account :rotfl::rotfl:and I will split the interest with you :rotfl:

jessicamb

Hi hillyuphere

I will move your thread to the savings and investments board to see if there is any more advice for you on there.