70,000 Pounds to Invest

badger09

Karmo wrote: »

Thank you for your replies . Yes I am a UK resident and taxpayer on my bank interest which is miniscule . The 70k is invested in UK banks but the interest doesnt even cover inflation
. Im living in a small corrupt Asian country where I would never ever consider investing .
Hoping to return home to live in the UK in a few years so was considering buying a flat which i would rent out to pay for it , and all the taxes and costs that go with that . Unfortunately I am not knowledgeable regarding investing or property.
I may put most of it in Post Office premium bonds 50,000 max I believe and hope for a big win . But there has to be a better more sophisticated idea out there than that .

Would you mind explaining how you are a UK resident?

Do you have a formal ruling on your residency status from HMRC?

Karmo

Im a UK resident because I was born and bred in the UK and hold a uk passport and spend some time in the UK every year . Why would I not be a UK resident ?

nonolerigolo

You are a UK national, but not necessarly a UK resident. This is two totally different thing on a tax purpose. In order to be a UK resident you need to spend something like 6 month in the UK. I am not sure about the time. I suspect that you are not a UK resident. If you are not a UK reisdent in the UK, that is what follows

you are tax on the global income on the country you live in. By that I mean in your tax on saving should be taxed in Asia. There should be agreeemnet in the UK and Asian country you live in. In order to stop you overpaying, but they may also be no agrrement.

badger09

Karmo wrote: »

Im a UK resident because I was born and bred in the UK and hold a uk passport and spend some time in the UK every year . Why would I not be a UK resident ?

Because whether or not you are UK resident for tax purposes is a question of fact, rather than something you can choose:cool:


https://www.gov.uk/tax-foreign-income/residence

bostonerimus

Karmo wrote: »

Im a UK resident because I was born and bred in the UK and hold a uk passport and spend some time in the UK every year . Why would I not be a UK resident ?

I have the same circumstances. I have not been a UK tax resident for over 30 years.
You might be liable to UK tax on UK source income, but I doubt you are a UK tax resident.

ValueHunter

Karmo wrote: »

With banks offering no or very low interest rates for savers I am looking for another safe way to invest about 70,000 pounds . Im a UK citizen ; tax payer too . 70,000 to invest safely as possible . Im no gambler as the money did not come easily .
I was thinking of buying a flat to rent out but as I live overseas this seems like a fair bit of hassle and I could be faced with big bills for repairs , evictions etc . which would decimate my life savings . Plus I have zero experience in the field .
How should I invest it? I would like to get as much monthly return as possible and have the lump sum available when Im older . I have contacted IFAs in the UK but they all want to have an in person meeting with me . But Im overseas at the moment
Thanks for any suggestions .

The bold statements simply don't work together. If you're looking for complete safety then max it all in high interest current accounts then put the extra in the best savings account you can find. Even then you'll still lose to inflation but this can make sense if you're planning on using the money in the short term for a house purchase or retirement or w/e

If you're looking to access the cash far into the future (10+ years) then leaving it in cash is madness imo...you take a guaranteed loss to inflation and the opportunity cost is ginormous.

I'd take a look at the vanguard life strategy products. There is risk in the short term but If you're investing for the long term it shouldn't be a major concern. Based on the last 100 years+ the stock market has shown decent returns and these products allow the novice investor to access it in a diversified hands off way.

good luck with whatever you decide!

Pincher

NS&I actually allows sending money abroad, so you should check out what they mean by that. Maybe they expect to serve OAPs who live in Spain, but Thailand (just for example) is going too far.

£50k in Premium Bonds, and maybe £3k in Growth Bond

https://www.nsandi.com/investment-guaranteed-growth-bonds

is pretty "safe".

Premium Bond prizes are tax free, and the 2.2% for the growth bond is paid gross, so if it all comes under £1,000 , also tax free.

JessaEra

If I were you, I will not invest all my money. You can keep some in your bank and then invest the other. But be sure enough where to invest it as scams rampant nowadays specially online. Good luck!