How do you spend £143 Million?

[robinessex]

irocfan said:

croyde said:

Kevin McCloud Actually a good idea.

Jennifer Lawrence An even better idea.

well if your tastes run to her I understand that Jolie is now free

Availabe maybe !!I very much doubt she is free !!

[Tuvra]

Adam B said:

Anyone in the situation you describe would have employed an accountant and would have taken advantage of the legal tax loopholes (most of which I approve of as they encourage investment/entrepreneurs) so would have paid far less than 47%. And if he sells the company and reinvests in other businesses again there are tax reductions.

But ultimately he built a lot of personal wealth due partly to a UK education system, UK health system protected by a UK legal, police and defense force etc etc

Ultimately if the wealthy don't pay more, the poor would have too pay 5-10% more tax

Lets assume for arguments sake, this chap is 75 years of age and wants to retire and have zero investments.

If he had amassed a £143m personal fortune though I think it would be fair to say that he would have put millions/billions into the UK economy through taxes and job creation.

Tax on money that's already been taxed (through loopholes or not) seems a bit harsh IMO.....

[FN2TypeR]

Tuvra said:

Adam B said:

interest is taxed as income, so most of it would be subject to 45% tax and 2% NI

Am I the only one that finds this wrong?

Nope!

Cheers for the clarification AdamB!

[The Mad Monk]

SlackBladder said:

The Mad Monk said:

SlackBladder said:

Same here, discussing this with the other half last night (she's from the Philippines originally too). Difficult to get your head round the fact that the interest you'd earn on your interest would be over £1000 a day.

How do you arrive at that calculation?

£143 million @ say, 2% p.a. = £7,835.61 per day.

Wow, well done for quoting me on something I posted nearly 2 years ago. If you go back to my original quote I was responding to someone else who said you'd earn £7.5m a year interest on £145m or nearly 5%, based on that rate 5% of 7.5m is £375,000 or just over £1000 a day.

That's how I arrived at that calculation

I didn't resurrect the thread!

[Adam B]

Tuvra said:

Lets assume for arguments sake, this chap is 75 years of age and wants to retire and have zero investments.

If he had amassed a £143m personal fortune though I think it would be fair to say that he would have put millions/billions into the UK economy through taxes and job creation.

Tax on money that's already been taxed (through loopholes or not) seems a bit harsh IMO.....

I agree with you on taxing twice (hence my comment against IHT) but this is not taxing twice.

He made a £143M fortune which would have been taxed as salary, CGT or tax on dividends on the way.

If he does nothing with that £143M (other than spend it) or puts it in a zero interest account he doesn't get taxed again.

He only gets taxed again if he invests that £143M and earns further NEW income or capital gains on top of the £143M, and then he only gets taxed on the additional income/CG not the original £143M.

[twoblacklines]

irocfan said:

the question is where would you actually keep said funds seeing as the financial compensation scheme runs at covering £75k?

Not a bad comment, you would require 1906 different institutions to keep your money safe...

[Digby]

143 million lucky dips, just to see the size of the queue behind me at the post office.

[J4CKO]

I think a couple of million is enough for most people to do and own everything they ever wanted, depends where you are starting from I guess and whether you are going to dole it out to friends and family.


I reckon I would run out of stuff to buy, only so many cars you could buy and after a while it would get repetetive, already got most stuff I need.

I think for some its a dangerous thing as the dream of having a lot of money keeps some people going, when they get it and realise that they have everything they want, but dont have that dream any more.



What if you move, quit your job etc and then suddenly miss your old life ? most people moan about work but we get other things from it than just money, or you should do, those days off you used to enjoy are now everyday, can you fill them once you are past a couple of years of going out buying stuff and the novelty ?


I always liken big money like that as being like getting a bit of a cheat mode on a game, when really you want that next powerup, to get past the next checkpoint or onto the next level, to feel like you are making progress.

So, for me, a few hundred grand to stop me giving up work and being bored with too much time on my hands, perhaps do a 3 or 4 day week instead of 5 or 6.

I am sure some will scoff but it doesnt always seem to go well for big lottery winners.

[Digby]

J4CKO said:

I am sure some will scoff but it doesnt always seem to go well for big lottery winners.

http://www.dailymail.co.uk/femail/article-485975/Ruined-35m-jackpot-Britains-biggest-lottery-winner.html

I think I would cope though in all honesty.

[Centurion07]

J4CKO said:

stuff

Probably more accurate than most people realise^.

The flipside of that is that if you can learn to appreciate the simpler things like sleeping in until your body WANTS to get up not HAS to get up and then being able to go for a walk in the country on a sunny day when you otherwise would've been at work, then being able to buy anything you want becomes a nice little bonus.

As I mentioned, that kind of wealth brings a freedom above and beyond the resources to buy a fleet of supercars.

Edited by Centurion07 on Wednesday 21st September 21:04

[Centurion07]

Not at all.

I think most people don't realise exactly how much a sense of purpose is given to them by the daily "struggle".

Take that away and it's not hard to see how some can't cope.

[Digby]

Centurion07 said:

Not at all.

I think most people don't realise exactly how much a sense of purpose is given to them by the daily "struggle".

Take that away and it's not hard to see how some can't cope.

A rich friend of my Dad once said "If I offer to buy all the lads in the pub a drink, I'm too flash. If I don't buy them all a drink, I am too tight"

It starts there for many..

[Mr-B]

Surely £143M into binary options, no? Six weeks later you would surely have more wealth than Bill Gates and Warren Buffet combined, so an investment guru wearing a baseball cap told me.

[J4CKO]

anonymous said:

[redacted]

Is that how I come across ?

[Tango13]

£143m?

I certainly wouldn't waste my time investing it.

I'm 44 so I have about 40 years left befor I go £23m on cars, houses, C&H, fast bikes etc.

£120m is £3m a year for the next 40yrs, I can't take it with me after all.

[twoblacklines]

Tango13 said:

£143m?

I certainly wouldn't waste my time investing it.

I'm 44 so I have about 40 years left befor I go £23m on cars, houses, C&H, fast bikes etc.

£120m is £3m a year for the next 40yrs, I can't take it with me after all.

But that isn't much. Generally you live the lifestyle that matches the income, if you have spent £23m on houses, and cars, you aren't going to be able to maintain them, run them, run in the social circles such money attracts, for £1.5m a year post tax. Especially as 8-10 hours of the day you would be at work you are now free to do what you like which likely involves money also.

So many people say winning the lotto wouldn't affect their lives but then you hear they wasted it...the difference between those people and the people still rich are...the latter "wasted time investing it".

What I would do with 150m, is turn it into 300m so I could give 150m of it away to people and animals in need.

[Tuvra]

Adam B said:

I agree with you on taxing twice (hence my comment against IHT) but this is not taxing twice.

He made a £143M fortune which would have been taxed as salary, CGT or tax on dividends on the way.

If he does nothing with that £143M (other than spend it) or puts it in a zero interest account he doesn't get taxed again.

He only gets taxed again if he invests that £143M and earns further NEW income or capital gains on top of the £143M, and then he only gets taxed on the additional income/CG not the original £143M.

Right, now I'm with you

[Tuvra]

Anyway, back on subject from me, I would build a house obviously and spend an absolute fortune on the garage.

Basically I would have this on the ground level:-

and this below ground level:-

The floor/ceilling between the two would be made of glass and the turntable would double up as a lift

It should cost a few millions, and yes I've given it a lot of thought

[alock]

Tango13 said:

£120m is £3m a year for the next 40yrs, I can't take it with me after all.

£3m wouldn't even pay for the winter holiday. Have you seen how much a private 747 to the Caribbean and 6 weeks in a super yacht costs?

You need to think bigger

[FN2TypeR]

anonymous said:

[redacted]

I'm not so sure - cash makes everything easier of course, but materialistic gain on such a scale is alien to a lot of people and I can see how confrontation, isolation and such forth can easily arise, if you weren't satisfied with life beforehand I don't think money is the best shot in the arm to make all your woes go away, deep down. I suppose it depends on how you use it, idle time is great but you could only do that for so long I think, investing in something interesting and worth while rather than living a playboy/girl lifestyle would surely be the way to go.

Still, I'd take my chances - we're moving house (well, from a flat to a house) shortly and I am currently flat broke due to the saving we've had to do!