How do you spend £143 Million?

[vescaegg]

gwm said:

Not to be a downer either, but if you gave a pal £1 million, would they not lose 400k of it to tax anyway?

Are gifts not exempt?

[stiglet]

vescaegg said:

gwm said:

Not to be a downer either, but if you gave a pal £1 million, would they not lose 400k of it to tax anyway?

Are gifts not exempt?

PETs (potentially exempt transfers) - you have to cross the road carefully for 7 years

[Jasandjules]

Alex said:

A lot of suggestions to give "£1m each to my family and friends".

You realise that you will probably ruin their lives?

Why?

I have some family members whom would quite likely blow it quickly, with others who would be quite sensible (in terms of at least having a house with no mortgage and a car paid off).

You just need to be careful how you allocated funds, though for me I would just say Sisters - 2.5 each, parents 5m, nephews/nieces 250k each, cousins/aunts/uncles 100k each. That way there can also be no accusations of favouritism. Also, each must be sworn to secrecy as to where they got the cash..

[stiglet]

I would def. buy a new gearbox for my Reynard and cut down to a 40hr week

Not sure about the rest.......

[gwm]

PurpleMoonlight said:

gwm said:

Not to be a downer either, but if you gave a pal £1 million, would they not lose 400k of it to tax anyway?

No.

Go on then, do enlighten us all

[PurpleMoonlight]

stiglet said:

vescaegg said:

gwm said:

Not to be a downer either, but if you gave a pal £1 million, would they not lose 400k of it to tax anyway?

Are gifts not exempt?

PETs (potentially exempt transfers) - you have to cross the road carefully for 7 years

Even then any IHT would be the responsibility of the estate of the deceased.

The recipient of the gift is not liable for any tax.

[5678]

Well, I've spent my first five million on this...

http://www.rightmove.co.uk/property-for-sale/prope...

Interior isn't to my taste, but its plenty big enough, two extra cottages for the kids as they grow up and an old hay barn that is begging to be knocked down and turned into a garage!

[sidaorb]

5678 said:

Well, I've spent my first five million on this...

http://www.rightmove.co.uk/property-for-sale/prope...

Interior isn't to my taste, but its plenty big enough, two extra cottages for the kids as they grow up and an old hay barn that is begging to be knocked down and turned into a garage!

Nice

And you would need a London 'pad' for visits to the smoke, so that's £20mill gone.

[Fishtigua]

5678 said:

Well, I've spent my first five million on this...

http://www.rightmove.co.uk/property-for-sale/prope...

Interior isn't to my taste, but its plenty big enough, two extra cottages for the kids as they grow up and an old hay barn that is begging to be knocked down and turned into a garage!

A little more modest for me.

http://www.rightmove.co.uk/property-for-sale/prope...

[5678]

Those are both really nice! Not sure I would spend that much on a London house though?

The shropshire one is very nice though.

[TobyLaRohne]

Buy PH and have a button on a remote control made that turns the forum off, watch you all go mental, then buy wherever you go next too and do the same to that and so on until a load of powerfully built directors turn up at my gates in their battered 335D's and then release the hounds.

[CharlieCrocodile]

I would spend the first few months getting my commercial pilots licence and instrument rating in Florida then purchase one of these - http://cessna.txtav.com/en/caravan/cessna-caravan along with one of these for the smaller airfields - http://cirrusaircraft.com/sr22t/

Property purchase would be this initially - http://www.rightmove.co.uk/property-for-sale/prope... mainly for the location (kids at college etc)

[ObSene]

I’d buy a bigger house with some land, put the kids in to a decent local private school, buy couple of supercars and a decent family wagon.

My biggest problem would be keeping myself motivated and challenged, so I would quit my job and start-up a charity and set about trying to make positive changes in other people's lives.

[Mini 360]

Work are doing a syndicate but buying my own ticket along side this too. Well you never know....

If I won the jackpot of ~£145m I would instantly be down to Dick Lovett to buy a mint condition Ferrari 360 Challenge Stradale. Then drive that to an architects to design my dream garage (with modest house attached) THe dream would be a layout like a polo. Big circular courtyard in the middle and the garage spanning all around with glass fronts looking a the cars. Then a pillar appears from the ground with all the keys and I could select whatever car I wanted. That would never get old.

Pay off parents mortgage, buy them a house wherever they wanted. Buy dad his dream car (original GT40) and mum all the things she could ever want! Two best mates a house and two cars each. Girlfriend whatever she wants (within reason!!) and then do good stuff with the rest. Follow F1 for a season, start racing in a GT champ somewhere. So many things I could do.

[5678]

Mini 360 said:

Work are doing a syndicate but buying my own ticket along side this too. Well you never know....

If I won the jackpot of ~£145m I would instantly be down to Dick Lovett to buy a mint condition Ferrari 360 Challenge Stradale. Then drive that to an architects to design my dream garage (with modest house attached) THe dream would be a layout like a polo. Big circular courtyard in the middle and the garage spanning all around with glass fronts looking a the cars. Then a pillar appears from the ground with all the keys and I could select whatever car I wanted. That would never get old.

Pay off parents mortgage, buy them a house wherever they wanted. Buy dad his dream car (original GT40) and mum all the things she could ever want! Two best mates a house and two cars each. Girlfriend whatever she wants (within reason!!) and then do good stuff with the rest. Follow F1 for a season, start racing in a GT champ somewhere. So many things I could do.

I was looking at Dick Lovetts stock too! I'd have that F40 straight away!

This would be in with a shout too: http://www.hexagonmodernclassics.com/car_sales/Por...

And this http://www.hexagonclassics.com/car_sales/Porsche-9...

Edited by 5678 on Thursday 23 October 11:41

[Jasandjules]

sidaorb said:

Nice

And you would need a London 'pad' for visits to the smoke, so that's £20mill gone.

Be somewhat cheaper to just stay at the Savoy every time you came to London?

[richarda0109]

Buying all this stuff will be too much of a headache. Surely with £150 million renting / leasing everything would be better. You could live somewhere great and drive something tasty without the need to worry about it.

Rgds
Richard

[RRLover]

I would try my best to keep it to myself. Would upgrade my RR to the new model but still try & find a used year old example. Quite fancy the new F-Type R. Move house closer to my daughters school & maybe splash out on a couple of great holidays, apart from that i'd do my best to invest in some exciting prospects.
I've got enough beggars just now.

[Jasandjules]

richarda0109 said:

Buying all this stuff will be too much of a headache.

It will be fantastic fun!

For example, I know where a friend needs to live. I know what car they and their OH want more than anything. So I would get to go find a house for them, buy it then buy each car for them and put it in the garage. Then I'd invite them to come along to a "house viewing" near where they live and whilst we are in there, hand them the keys. So I get to have fun finding a house, two cars, then the delight of giving them to my friends.

[ZOLLAR]

Jasandjules said:

richarda0109 said:

Buying all this stuff will be too much of a headache.

It will be fantastic fun!

For example, I know where a friend needs to live. I know what car they and their OH want more than anything. So I would get to go find a house for them, buy it then buy each car for them and put it in the garage. Then I'd invite them to come along to a "house viewing" near where they live and whilst we are in there, hand them the keys. So I get to have fun finding a house, two cars, then the delight of giving them to my friends.

I think that would be the biggest excitement, buying things for friends and family.
No point in being that wealthy if you can't change other peoples lives.