Euromillion & family trust
Discussion
extraT said:
I’ve thought long and hard about this, well fantasising really, but still failure to plan and all that jazz… anyway, after sorting to family and friends, I would set up a charity, a charity to really help those in need. I suppose the next question is, how do you define “in need”, well, that’s the interesting part… some may have heard of the Lions club.
The local chapter here has such a scheme (not sure if they all do it just ours), as one of the local guys tell me, they will listen to your story (I suppose some proof is needed) and they will give you cash. I like the idea that it’s not complicated. I think id like to set up a charity that really helps people and the local community.
Yes, I know I would love to do that. I sincerely hope one day I find myself in the situation to help others.
Very similar here. We'd put a significant amount of money into a charity and accept applications for funding for equipment, house modifications etc however all applications would have to come from a medical professional to stop people trying it on.The local chapter here has such a scheme (not sure if they all do it just ours), as one of the local guys tell me, they will listen to your story (I suppose some proof is needed) and they will give you cash. I like the idea that it’s not complicated. I think id like to set up a charity that really helps people and the local community.
Yes, I know I would love to do that. I sincerely hope one day I find myself in the situation to help others.
Ours would be children's based, due to personal circumstances, and only within very local post code areas.
Our youngest receives quarterly cheques from a local charity who does exactly this. You have to be referred to them, as we were, and it's always seemed an excellent way of making a difference to your area.
If you did win the £180m I’m curious as to the best tax strategy if you wanted to still live in the UK.
If you just invested it and received dividends the tax bill is going to be eye watering. 5% gives an income of about £9m, you’re gonna pay £3-4m a year in tax.
Sure you could buy a house in Monaco or Bahamas and pay no income tax - are you then restricted on how many days per year you can spend in the UK?
Thinking out loud, could you start a company in a country with low CT, loan the company the £180m and live off repayments from the company to you? Company would pay corp tax on investment income but that’s a lot better than 30-35% here.
If you just invested it and received dividends the tax bill is going to be eye watering. 5% gives an income of about £9m, you’re gonna pay £3-4m a year in tax.
Sure you could buy a house in Monaco or Bahamas and pay no income tax - are you then restricted on how many days per year you can spend in the UK?
Thinking out loud, could you start a company in a country with low CT, loan the company the £180m and live off repayments from the company to you? Company would pay corp tax on investment income but that’s a lot better than 30-35% here.
Lefty said:
If you did win the £180m I’m curious as to the best tax strategy if you wanted to still live in the UK.
If you just invested it and received dividends the tax bill is going to be eye watering. 5% gives an income of about £9m, you’re gonna pay £3-4m a year in tax.
Sure you could buy a house in Monaco or Bahamas and pay no income tax - are you then restricted on how many days per year you can spend in the UK?
Thinking out loud, could you start a company in a country with low CT, loan the company the £180m and live off repayments from the company to you? Company would pay corp tax on investment income but that’s a lot better than 30-35% here.
If you have £180m in the "bank" and are earning £9m a year from it and having to pay £3-4m in tax I would suggest that it wouldn't worry you too much.If you just invested it and received dividends the tax bill is going to be eye watering. 5% gives an income of about £9m, you’re gonna pay £3-4m a year in tax.
Sure you could buy a house in Monaco or Bahamas and pay no income tax - are you then restricted on how many days per year you can spend in the UK?
Thinking out loud, could you start a company in a country with low CT, loan the company the £180m and live off repayments from the company to you? Company would pay corp tax on investment income but that’s a lot better than 30-35% here.
FWIW people like Bill gates, Jeff Bezos etc put all their money into a charitable trust that they then manage as I understand it. But with £180 you can afford the very best tax advice on how to manage your money to the best effect to minimise any tax implications.
FWIW I wouldn't tell anyone and nobody would be getting huge multi million handouts, that would be the fastest way to destroy any familial relationships in my view.
The only way to proceed would be to let them think you have earned it in some way or other and are now in the position to help them in an ongoing basis, this also gives you the ability to let them think it is a continuing income stream so you can maintain your new lifestyle.
In the slim chance we'd be in the positon. Thankfully we have a limited family circle.
I'd probably lie with the amount we won, and then evenly distribute some cash. And live off the interest/investment income.
Pay the sisters ~300k mortgage off
Buy some land for the sister in-law ~300k, so she can live her van lyf.
Help out the mother in law so she can either stop the constant water ingress into her house or move house and allow her to retire.
Token gesture to my parents so they can buy a new car and maybe do a world cruise.
We probably wouldn't move house immediately, but id buy a unit for a workshop/ramps. Buy a few cool cars, maybe a bowler and aerial nomad.
I'd jack in work immediately and volunteer for decent causes and spend any remaining time digging MTB tracks. The Mrs would probably do charity work involving children and or art. She can keep her 14 yr old 59hp fabia.
Worry about tax implications later/pay as required.
I'd probably lie with the amount we won, and then evenly distribute some cash. And live off the interest/investment income.
Pay the sisters ~300k mortgage off
Buy some land for the sister in-law ~300k, so she can live her van lyf.
Help out the mother in law so she can either stop the constant water ingress into her house or move house and allow her to retire.
Token gesture to my parents so they can buy a new car and maybe do a world cruise.
We probably wouldn't move house immediately, but id buy a unit for a workshop/ramps. Buy a few cool cars, maybe a bowler and aerial nomad.
I'd jack in work immediately and volunteer for decent causes and spend any remaining time digging MTB tracks. The Mrs would probably do charity work involving children and or art. She can keep her 14 yr old 59hp fabia.
Worry about tax implications later/pay as required.
Nezquick said:
keo said:
Just checked it’s £164 million tonight. Absolutely ridiculous money and I don’t know how I would spend it! Would need some financial advice I’d look after a few friends and family. Would be hard to not raise suspicion!
I’d disappear for a few months to think about it.
Serious question though - who exactly would you go to to ask for financial advice and where exactly do you put £164m if you win it? Do you just rock up at your local TSB with a cheque and put it in your current account? I can't see that working very well.I’d disappear for a few months to think about it.
I would honestly stress about it for weeks until I knew how/where I could keep it safely. I assume there are large wealth management companies who would do this for me, but which one to use, and how much would I let them manage?
I've always wondered.
keo said:
Nezquick said:
keo said:
Just checked it’s £164 million tonight. Absolutely ridiculous money and I don’t know how I would spend it! Would need some financial advice I’d look after a few friends and family. Would be hard to not raise suspicion!
I’d disappear for a few months to think about it.
Serious question though - who exactly would you go to to ask for financial advice and where exactly do you put £164m if you win it? Do you just rock up at your local TSB with a cheque and put it in your current account? I can't see that working very well.I’d disappear for a few months to think about it.
I would honestly stress about it for weeks until I knew how/where I could keep it safely. I assume there are large wealth management companies who would do this for me, but which one to use, and how much would I let them manage?
I've always wondered.
I would keep it fairly quiet if i could and provide my kids with an income top up, thing is, you give people big money and it completely changes their life, not always for the better.
I would endeavour to enhance the life they have rather than give them the means to take them out of it completely.
Money is great but I have seen how it makes some people less likely to try in life and end up worse off, know someone who has had sizeable amounts and never settled at anything, now is 50 and just waits for the next windfall and dosses round.
Its a difficult balancing act, not everyone is equipped to have unlimited funds. Its easy for people to get into drugs and living some mad hedonistic lifestyle, great for a bit but dont think most of us can cope with that indefinitely and its why so many folk from the music industry leave us before their time.
I am at a stage where I dont need anything, and the want aspect isnt quite there like it was 15/20 years ago. I would definitely buy some cars, but I also think thats a double edged sword as I find if I let things into my life it becomes a headache and an obligation, and maybe it doesnt matter if you have millions but its still there, nagging you that you arent using it. I am used to stuff being hard won and always, in the past have made good use of things, drives me mad when I spend money on stuff and dont end up using it.
I do alright now and have possibilities, and still have that need to save up and build the anticipation, having a massive amount like that may actually reduce my enjoyment and appreciation of stuff. Main thing would be helping the kids to get houses.
Other than that, few holidays, fly business.
Do my pilots license, have a few experiences, like getting flown in a fighter jet, even if it costs 50 grand.
Do a few more track days.
Wouldn't have to work so could devote more time to other stuff, exercise for example.
Probably wouldnt move house, but may buy the ones that come up nearby or make offers.
Make a point of donating money to good causes and individuals.
Money isnt linear really, we have enough coming in, could double it and would really have a lifestyle where we could do everything, quadruple it, even better, but after that it doesnt scale. Even now I find myself looking for stuff to buy and really shouldnt do that I dont think, 100 million is so many times more money than I will ever need, think people end up just wasting it for the sake of it. End up duplicating purchases, or buying normal but stuff with precious stones on, sure fire indicator you have more money than you need.
I would endeavour to enhance the life they have rather than give them the means to take them out of it completely.
Money is great but I have seen how it makes some people less likely to try in life and end up worse off, know someone who has had sizeable amounts and never settled at anything, now is 50 and just waits for the next windfall and dosses round.
Its a difficult balancing act, not everyone is equipped to have unlimited funds. Its easy for people to get into drugs and living some mad hedonistic lifestyle, great for a bit but dont think most of us can cope with that indefinitely and its why so many folk from the music industry leave us before their time.
I am at a stage where I dont need anything, and the want aspect isnt quite there like it was 15/20 years ago. I would definitely buy some cars, but I also think thats a double edged sword as I find if I let things into my life it becomes a headache and an obligation, and maybe it doesnt matter if you have millions but its still there, nagging you that you arent using it. I am used to stuff being hard won and always, in the past have made good use of things, drives me mad when I spend money on stuff and dont end up using it.
I do alright now and have possibilities, and still have that need to save up and build the anticipation, having a massive amount like that may actually reduce my enjoyment and appreciation of stuff. Main thing would be helping the kids to get houses.
Other than that, few holidays, fly business.
Do my pilots license, have a few experiences, like getting flown in a fighter jet, even if it costs 50 grand.
Do a few more track days.
Wouldn't have to work so could devote more time to other stuff, exercise for example.
Probably wouldnt move house, but may buy the ones that come up nearby or make offers.
Make a point of donating money to good causes and individuals.
Money isnt linear really, we have enough coming in, could double it and would really have a lifestyle where we could do everything, quadruple it, even better, but after that it doesnt scale. Even now I find myself looking for stuff to buy and really shouldnt do that I dont think, 100 million is so many times more money than I will ever need, think people end up just wasting it for the sake of it. End up duplicating purchases, or buying normal but stuff with precious stones on, sure fire indicator you have more money than you need.
Edited by J4CKO on Wednesday 26th June 15:35
I could be misremembering but I read an interview a while back with a former Camelot worker and I believe they said that they usually ask big winners if they wanna go public or stay anonymous and also offer to put the winners in touch with a wealth specialist or a special bank or whatever.
simon_harris said:
Lefty said:
If you did win the £180m I’m curious as to the best tax strategy if you wanted to still live in the UK.
If you just invested it and received dividends the tax bill is going to be eye watering. 5% gives an income of about £9m, you’re gonna pay £3-4m a year in tax.
Sure you could buy a house in Monaco or Bahamas and pay no income tax - are you then restricted on how many days per year you can spend in the UK?
Thinking out loud, could you start a company in a country with low CT, loan the company the £180m and live off repayments from the company to you? Company would pay corp tax on investment income but that’s a lot better than 30-35% here.
If you have £180m in the "bank" and are earning £9m a year from it and having to pay £3-4m in tax I would suggest that it wouldn't worry you too much.If you just invested it and received dividends the tax bill is going to be eye watering. 5% gives an income of about £9m, you’re gonna pay £3-4m a year in tax.
Sure you could buy a house in Monaco or Bahamas and pay no income tax - are you then restricted on how many days per year you can spend in the UK?
Thinking out loud, could you start a company in a country with low CT, loan the company the £180m and live off repayments from the company to you? Company would pay corp tax on investment income but that’s a lot better than 30-35% here.
FWIW people like Bill gates, Jeff Bezos etc put all their money into a charitable trust that they then manage as I understand it. But with £180 you can afford the very best tax advice on how to manage your money to the best effect to minimise any tax implications.
FWIW I wouldn't tell anyone and nobody would be getting huge multi million handouts, that would be the fastest way to destroy any familial relationships in my view.
The only way to proceed would be to let them think you have earned it in some way or other and are now in the position to help them in an ongoing basis, this also gives you the ability to let them think it is a continuing income stream so you can maintain your new lifestyle.
Lefty said:
If you did win the £180m I’m curious as to the best tax strategy if you wanted to still live in the UK.
If you just invested it and received dividends the tax bill is going to be eye watering. 5% gives an income of about £9m, you’re gonna pay £3-4m a year in tax.
I’d pay the tax. Genuinely. It’s not like you’d need the money. If you just invested it and received dividends the tax bill is going to be eye watering. 5% gives an income of about £9m, you’re gonna pay £3-4m a year in tax.
J4CKO said:
I would keep it fairly quiet if i could and provide my kids with an income top up, thing is, you give people big money and it completely changes their life, not always for the better.
I would endeavour to enhance the life they have rather than give them the means to take them out of it completely.
Money is great but I have seen how it makes some people less likely to try in life and end up worse off, know someone who has had sizeable amounts and never settled at anything, now is 50 and just waits for the next windfall and dosses round.
Its a difficult balancing act, not everyone is equipped to have unlimited funds. Its easy for people to get into drugs and living some mad hedonistic lifestyle, great for a bit but dont think most of us can cope with that indefinitely and its why so many folk from the music industry leave us before their time.
I am at a stage where I dont need anything, and the want aspect isnt quite there like it was 15/20 years ago. I would definitely buy some cars, but I also think thats a double edged sword as I find if I let things into my life it becomes a headache and an obligation, and maybe it doesnt matter if you have millions but its still there, nagging you that you arent using it. I am used to stuff being hard won and always, in the past have made good use of things, drives me mad when I spend money on stuff and dont end up using it.
I do alright now and have possibilities, and still have that need to save up and build the anticipation, having a massive amount like that may actually reduce my enjoyment and appreciation of stuff. Main thing would be helping the kids to get houses.
Other than that, few holidays, fly business.
Do my pilots license, have a few experiences, like getting flown in a fighter jet, even if it costs 50 grand.
Do a few more track days.
Wouldn't have to work so could devote more time to other stuff, exercise for example.
Probably wouldnt move house, but may buy the ones that come up nearby or make offers.
Make a point of donating money to good causes and individuals.
Money isnt linear really, we have enough coming in, could double it and would really have a lifestyle where we could do everything, quadruple it, even better, but after that it doesnt scale. Even now I find myself looking for stuff to buy and really shouldnt do that I dont think, 100 million is so many times more money than I will ever need, think people end up just wasting it for the sake of it. End up duplicating purchases, or buying normal but stuff with precious stones on, sure fire indicator you have more money than you need.
Well said.I would endeavour to enhance the life they have rather than give them the means to take them out of it completely.
Money is great but I have seen how it makes some people less likely to try in life and end up worse off, know someone who has had sizeable amounts and never settled at anything, now is 50 and just waits for the next windfall and dosses round.
Its a difficult balancing act, not everyone is equipped to have unlimited funds. Its easy for people to get into drugs and living some mad hedonistic lifestyle, great for a bit but dont think most of us can cope with that indefinitely and its why so many folk from the music industry leave us before their time.
I am at a stage where I dont need anything, and the want aspect isnt quite there like it was 15/20 years ago. I would definitely buy some cars, but I also think thats a double edged sword as I find if I let things into my life it becomes a headache and an obligation, and maybe it doesnt matter if you have millions but its still there, nagging you that you arent using it. I am used to stuff being hard won and always, in the past have made good use of things, drives me mad when I spend money on stuff and dont end up using it.
I do alright now and have possibilities, and still have that need to save up and build the anticipation, having a massive amount like that may actually reduce my enjoyment and appreciation of stuff. Main thing would be helping the kids to get houses.
Other than that, few holidays, fly business.
Do my pilots license, have a few experiences, like getting flown in a fighter jet, even if it costs 50 grand.
Do a few more track days.
Wouldn't have to work so could devote more time to other stuff, exercise for example.
Probably wouldnt move house, but may buy the ones that come up nearby or make offers.
Make a point of donating money to good causes and individuals.
Money isnt linear really, we have enough coming in, could double it and would really have a lifestyle where we could do everything, quadruple it, even better, but after that it doesnt scale. Even now I find myself looking for stuff to buy and really shouldnt do that I dont think, 100 million is so many times more money than I will ever need, think people end up just wasting it for the sake of it. End up duplicating purchases, or buying normal but stuff with precious stones on, sure fire indicator you have more money than you need.
Edited by J4CKO on Wednesday 26th June 15:35
If I were to win £150m~ I'd definitely set up a charity. Probably half for promising or disadvantaged youngsters in the UK and half for education in poor Third World countries. I reckon £100m could go into that as £50m is surely enough for anyone. It would also give me a reason to get up in the morning and have a purpose. With this level of money it would be very easy to over-indulge in spending, fine wine and eating in the best restaurants with no end goal.
Although it is profligate I would definitely buy a boat of some sort, not insane but big enough to have a few family and friends for holidays where we'd pay for everything. Toys, probably a Ducati Desmosedici, Ariel Nomad mentioned earlier is a good shout plus a hypercar - I favour Koenigsegg.
I'd definitely keep it as quiet as possible but the boat would be a giveaway so I'd probably just say we won £5m to immediate friends and family. Luckily no one is really skint but if someone close came to me with a genuine issue I might help them out as one off.
If I won big, I'd like to be the guy who buys the businesses who provide those special glasses to everyone that need them that enable those who can't, to see the colours the rest of us do, as well as the business that provides very young children hearing aids to allow them to hear their parents voices for the first time.- I know the NHS does this and as good as I believe them to be, I'd like to think a charity donating them to the NHS would be my thing.
One of the many things I would do would be to start buying interesting classic racing cars from historic F1 and F2, F3000, Group C, Group A, Super Touring cars, Aussie V8s, group B rally cars etc etc Then I would auction the chance to drive one, or a few at a private track day or rally stage and give all the proceeds to charity.. Obviously I'd have to make sure drivers were suitably talented for such machinery, and if you have no experience then you only get to drive something 'slow' initially. I imagine the repair bill would be quite large too so they'd have to agree to donate an organ or something if they bend it..
Maybe there could also be an element of a Willy Wonkas golden ticket type of thing so a normal pleb gets a chance too.
Maybe there could also be an element of a Willy Wonkas golden ticket type of thing so a normal pleb gets a chance too.
keo said:
Nezquick said:
keo said:
Just checked it’s £164 million tonight. Absolutely ridiculous money and I don’t know how I would spend it! Would need some financial advice I’d look after a few friends and family. Would be hard to not raise suspicion!
I’d disappear for a few months to think about it.
Serious question though - who exactly would you go to to ask for financial advice and where exactly do you put £164m if you win it? Do you just rock up at your local TSB with a cheque and put it in your current account? I can't see that working very well.I’d disappear for a few months to think about it.
I would honestly stress about it for weeks until I knew how/where I could keep it safely. I assume there are large wealth management companies who would do this for me, but which one to use, and how much would I let them manage?
I've always wondered.
CardinalFang said:
They have a panel of financial advisers: Coutts certainly & 4/5 others, which I can't find any more, but likely Hoare & Co, Weatherby's, Arbuthnot Latham & one of the high street banks (they all have private banking arms, or subsidiaries - Coutts is Nat West's). You choose whether you want to meet with them or not. St James Place were on the panel a few years ago, but don't think they are any more.
I'd probably not go with Coutts given they couldn't help but splash a certain persons name and details all over the press. Imagine if they did the same with you if you won £180m (which was won by a ticket in Portugal anyway)Of the remaining names. Most winners will never have heard of them. So how on earth do you choose? Or do you speak to a couple of them privately or several of them together?
I also think that much as I love England, I think for that money there are other places to live where Wealth is not seen as a cardinal sin. And there's less d
heads trying to relieve you of your stuff. Even America is less irritating than chavs trying to rob you!Zolvaro said:
I doubt Camelot could care less anymore!
Indeed! Its not them running it anymore! 
Allwyn UK for those interested. Whose head office in Watford appears to be the same building as Camelot were using. Which makes me think its probably all the same staff as before too.
Edited by BunkMoreland on Wednesday 26th June 20:25
BunkMoreland said:
CardinalFang said:
They have a panel of financial advisers: Coutts certainly & 4/5 others, which I can't find any more, but likely Hoare & Co, Weatherby's, Arbuthnot Latham & one of the high street banks (they all have private banking arms, or subsidiaries - Coutts is Nat West's). You choose whether you want to meet with them or not. St James Place were on the panel a few years ago, but don't think they are any more.
I'd probably not go with Coutts given they couldn't help but splash a certain persons name and details all over the press. Imagine if they did the same with you if you won £180m (which was won by a ticket in Portugal anyway)Of the remaining names. Most winners will never have heard of them. So how on earth do you choose? Or do you speak to a couple of them privately or several of them together?
I also think that much as I love England, I think for that money there are other places to live where Wealth is not seen as a cardinal sin. And there's less d
heads trying to relieve you of your stuff. Even America is less irritating than chavs trying to rob you!Zolvaro said:
I doubt Camelot could care less anymore!
Indeed! Its not them running it anymore! Allwyn UK for those interested. Whose head office in Watford appears to be the same building as Camelot were using. Which makes me think its probably all the same staff as before too.
Edited by BunkMoreland on Wednesday 26th June 20:25
Lefty said:
Maybe it’s just me but £300k/month in tax would piss me off something rotten.
I'd be off to the Isle of Man like a shot. As I understand it you can elect to pay £200k a year tax regardless of how much you earn which wouldn't piss me off in the slightest In fact I'd be waiting with a cheque in hand for them to open up the tax office screaming for them to take my money!Gassing Station | The Lounge | Top of Page | What's New | My Stuff