BIG Lottery Winnings (NOT MINE!!!)

tonome

Just wondered how some of these lottery winners (in the £millions) would be advised on investing their good fortune! Wish I had that problem :sad:
Tonome

Calchas

The first thing to do would be to put 3k in an ISA

Lokolo

Persoanlly I would invest in my own business idea :)

I have a wild imagination when it comes to business ideas so thats what I would put money towards, as well as charity, housing. But the one thing I wouldn't do was let my kids touch it, I'd rather them learn about money the way I did.

But yes indeedy, first thing I would do would fill my ISA

Jonbvn

IMHO, if you won a large amount on the lottery (couple of million), then putting money in ISA's would be irrelevant.

Avoiding tax on the income and capital gain on this amount of money would be the key. ISA's would simply be meaningless when considering such a large lump sum. With careful guidance from an IFA, offshore trusts, VCT's would likely form part of your portfolio.

Divversity would also be important. Buying a decent house is probably at the top of most peoples list. However, going into BTL probably does not offer sufficient yields at the moment.

tawse57

Spread it around the banks with no more than 35K in each bank

Calchas

Jonbvn wrote: »

IMHO, if you won a large amount on the lottery (couple of million), then putting money in ISA's would be irrelevant.

I am sure you are right Jonbyn.

Glastowinebar and myself seem to be spending too much time winking.

benjdr

Pop down to coutts for chat i would think, since the father in law works there.

McSaver

I would be able to live off the interest. But i will never win the lottery because im giving up gambling before gambling destorys me.

alcozar

Think i would split it, between so much used to live off interest, and rest for splurging on myself, family and friends (probably buy a big house as well).

Beate

I think that if you win really big, the lottery company puts you in touch with advisors, and it wouldn't be high street banks for you anymore, but Coutts et al.

QuickKeith

In the past before the days of the lottery, if you won the pools they use to recommend investing in Premium Bonds!

However I agree with the above comments of Jonbvn.