If you won the lottery
failed in london 11 Aug 22 15:25
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Like a proper 9 figure win, would you fvck off to Dubai or another tax haven? Or would you take the view that you've won the game and paying tax or not wouldn't really change anything material so stay put?

God, Dubai is just about the last place I would go.

I would give some to my brother, maybe stick some in trust in the UK, for my parents in case they need care and failing that for my children, invest another chunk for my children in €, buy a dream house, take my family on a few amazing holidays, and give a load to charity.

Another q - at what point would you just not even bother investing it. Depends on your age and quantum of win of course. There will be inflation of course but if you are say 40 and win 150mill, you won't run out even living khuntstyle to 80.

No, tax would not be a major driver for where to live. But even if it were, then Dubai would be a long way down the list. At that kind of wealth level, loads of countries have sweet tax residency deals, I think. Italy maybe ? A Greek island ? Jersey would be a better bet than Dubai once you're at UHNW level. 

it would be pretty funny to just park 9 figgies in your current account

go into a santander branch to open a 1-2-3 and demand you get the £160 cashback

I'd still invest it to leave a chunk to various family members rather than just spending it.  Would stay here but get a yacht somewhere warm and sunny but not something so big it needed full time crew to look after it.

If I win that much money I don't think I would be too fussed about paying tax even at the rate of 45%. But maybe that's the kind of thinking that has been holding me back in matters of wealth planning.

You might think differently if we went back to Dennis Healey's rates. 98% on unearned income? Maybe it doesn't matter if it's all free money though. 

Octo even then there were ways round it although it took about forty years to unravel what my granddad did to avoid the government getting all of his money.

I’ve thought about this and decided I wouldn’t tell anyone. Yes I’d make generous gifts to friends and family but as soon as they know how much you have and where it came from, the rest of your life will be hell.

I’d live well but aim to preserve most of it for future generations.

If you won more money than you could possibly spend why would you give a flying fvck about paying tax?

I would keep whatever I was advised would give me an income of £100k a year index linked for life and a sum to  pay off current mortgage, buy as small flat in central London and  a modest winter home somewhere warmer.   Pay off mortgages of family and friends (and perhaps make provision for similar annuities where appropriate) make sure I kept enough to pay for parents nursing home needs and give the rest to charities.  

In my daily/hourly fantasies about winning the lottery and giving up work I have never troubled myself with the tax treatment of the tax free win.

food for thought.

The level of financial illiteracy on this board of supposed educated professionals is quite extraordinary.

Buy my dream house, pay for nephews education to university, make sure my immediate family were sorted, give up work, buy loads of horses and ride all day.  

Quite enjoyed my brother's take on what he'd do if he won. 

He said he'd pay off his half of the mortgage. 

Gift some away; plonk some into trusts for nieces and nephews; keep some and buy a new house; invest the rest and live off the income whilst basically pottering about. Get more animals. Cultivate a veg patch. Go on regular holidays. Read more. Maybe do a degree in something completely different? 

Stardust gets it unlike some of the illiterates further up thread. You invest tunfiddylion+ for income and you will be paying a 7 figs tax bill. So the question remains.

Str8 2 dub?

No tax on lottery wins.

Except - if I were to win a 9 figure sum - the tax on all the money I'd give to friends and family. I could give everyone I know and like £10 million and still be fabulously rich. 

Portugal. 

People I know who are in that situation (because of serious family money) just do horse-riding, golfing, shopping and travel! 

Benj, please go back to skool.

Investment income will generate tax. Giving money to friends will not provided you live for 7 years and even if not then you will pay the tax as a dead person through your estate so likely won't care.

"horse-riding, golfing, shopping and travel! "

Sounds shite except golf and travel

Imagine shopping being something you do for fun 

Given the opportunity a lotto win gives to move anywhere it would not be to a shopping mall in the desert. 

I'd buy somewhere lovely and rural but not extravagant in UK as a base, and then basically travel a lot. 

People who pick where to live based on the tax position are often a bit garbage, personality wise. Lawyers in ME, Bono, Lewis Hamilton, Philip Green..etc etc

Can't think of any exceptions actually, off the top of my head.

If I won the lottery I’d pay off my mortgage and buy a massive house and buy a house in Bali and one in the Alps and then I’d start a company solving some sort of difficult but useful problem like tidal energy generation and maintenance/monitoring. Then I’d hire a load of friends and colleagues/ex colleagues who I like and just have a crack at doing it and making it financially sensible. I’d pay all my mehts crazy high salaries and we’d go on massive company funded holidays.

If it didn’t really work at least I could be like ‘well I had a farking crack at it didn’t I?’.

I wouldn’t  just loaf about like Bebcheck’s parasite grifter incompetent friends.