Half a million pound inheritance - what to do?!

xylophone

http://www3.moneysavingexpert.com/files/ctf_guide.pdf


"WHAT IF MY CHILD HAS A CTF BUT THEN MOVES ABROAD?
The CTF account will remain open and family and friends will be able to continue saving
up to £1200 a year, either from within the UK or from abroad. But if the child is not resident
in the UK and receiving Child Benefit on their 7th birthday, then they would not qualify for
the additional payment due at that point. The child would however be able to access the
money on their 18th birthday, whether or not they were living in the UK."

The above was the guidance when the CTF was launched.

With regard to the JISA which replaced it (and to which the CTF is transferable)

https://www.gov.uk/junior-individual-savings-accounts/add-money-to-an-account

"If your child moves abroad, you can still add cash to their Junior ISA."


See also https://forums.moneysavingexpert.com/discussion/comment/70479762#Comment_70479762

It would seem therefore that using CTF/JISA could be a possibility.

BananaRepublic

I suspect that the advice would depend strongly on the nature of your long term goals i.e. whether or not you will return to the UK, whether or not you wish to keep the money in your current country, or bring some or all of it back to the UK. There is also the issue of your pension, and whether or not you can contribute to a UK pension. I doubt you could get any particularly useful information here whilst withholding your current country of residence, and I assume you are a UK citizen but employed overseas. I suppose someone here might be in a similar position. What do you mean when you say you live in a third country?

atush

It does matter where you are re: state pension and taxes. Banking.

But I would pay off any debt, and save some of it in cash for upcoming years, then invest the rest thru a UK broker who deals with non resident clients.

Flobberchops

In times like this I think it's important to remember those who are less fortunate than you, and to be generously charitable. On that note, my account number is 48776...

Just joshing. You have a complicated residency situation and should seek independent professional advice - I'm afraid you haven't given enough information to form the basis of advice and even then most of the guidance you'd get from here would be of questionable use. Still, a nice problem to have as somebody else said, and best of luck.