Where to park a million pounds...
Discussion
Care needed that the large cash holding doesn’t lose you business relief when selling the business or on death. It would be a good idea to minute why you are holding the cash on a regular basis eg to invest in a new venture/buy land when appropriate.
If a micro enterprise you could consider using offshore bonds as a tax wrapper (non-qualifying whole of life single premium investment bonds) or capital redemption bonds - these could hold your investments - cash or funds and you may avoid paying tax on a mark to market every year and benefit from gross roll up - getting a return on gross of tax until you decide when to trigger the tax, eg in a year with big expenses. You can switch investments within the offshore bond without triggering tax.
If a micro enterprise you could consider using offshore bonds as a tax wrapper (non-qualifying whole of life single premium investment bonds) or capital redemption bonds - these could hold your investments - cash or funds and you may avoid paying tax on a mark to market every year and benefit from gross roll up - getting a return on gross of tax until you decide when to trigger the tax, eg in a year with big expenses. You can switch investments within the offshore bond without triggering tax.
Do you actually have to move to these countries to do that?
Re Portugal, they did have a golden visa scheme that I think they are closing now, if you had that you only needed to have a house and live here a few weeks a year, now if you have nhr (non habitual residency) its a 10 year tax break, you need to spend over 183 days a year in portugal.
Now whether that is policed properly is another thing
I have a few friends who run businesses and have relocated here to take advantage of the scheme....
Re Portugal, they did have a golden visa scheme that I think they are closing now, if you had that you only needed to have a house and live here a few weeks a year, now if you have nhr (non habitual residency) its a 10 year tax break, you need to spend over 183 days a year in portugal.
Now whether that is policed properly is another thing
I have a few friends who run businesses and have relocated here to take advantage of the scheme....
Edited by dingg on Friday 24th March 09:20
Take a look at WiseAlpha. You can hold commercial bonds in 100's of FTSE size companies on a fractional basis. You can massively spread the risk yourself by self selecting bonds, or you can let their algorithm spread the risk for you. Bonds range from 3% to 12% plus.
Plus you can open a company account so no capital withdrawal tax problems, just withdraw the interest personally or let it compound.
Let me know if you want a referral link, or feel free to go direct.
Plus you can open a company account so no capital withdrawal tax problems, just withdraw the interest personally or let it compound.
Let me know if you want a referral link, or feel free to go direct.
It’s obvious to me. Do up the house.
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