Private banking/lottery win

[edb49]

So you've just one the triple rollover lottery and are taking you £15m comedy-size cheque to the bank. Which bank do you take it to, and why?

[oilandwater]

Somewhere in Monaco. I'm not telling you anymore than that. Chase me.

[wizzbilly]

that would be my choice aswell

aparntly you dont pay tax there or something along those lines hence why all the rich end up there probley

[edb49]

You don't pay any tax on a lottery win in any case, and I'm not sure moving to Monaco is the right thing for everyone. Any views on banks to use assuming you'd stay UK resident?

[amir_j]

edb49 said:

So you've just one the triple rollover lottery and are taking you £15m comedy-size cheque to the bank. Which bank do you take it to, and why?

In switzerland, each town sets its own tax rates. Its already low as is, but still becuase there is competition, rich people can negotiate and play towns off against each other. Hence why Lewis Hamilton moved.

[Eric Mc]

edb49 said:

You don't pay any tax on a lottery win in any case, and I'm not sure moving to Monaco is the right thing for everyone. Any views on banks to use assuming you'd stay UK resident?

No matter where your bank is, you are still liable to UK tax on the interest received if you remain a UK tax resident.

All EU countries (and some non-EU ones as well) now supply lists of names of all foreign nationals holding bank accounts in their countries to the respective tax authorities.

[edb49]

Eric Mc said:

edb49 said:

You don't pay any tax on a lottery win in any case, and I'm not sure moving to Monaco is the right thing for everyone. Any views on banks to use assuming you'd stay UK resident?

No matter where your bank is, you are still liable to UK tax on the interest received if you remain a UK tax resident.

We're both assuming you're UK domiciled too, but that's another story.

Ignoring the tax aspect... where would you bank and why?

[Eric Mc]

If you were NON - UK domiciled, you would only pay tax on foreign interest if the interest was remitted into the UK.

Edited by Eric Mc on Saturday 30th August 08:57

[Spam]

Natwest.

[Ade355]

Spam said:

Natwest.

Natwest?! ....twatfest.


Money markets for me.

[edb49]

Ade355 said:

Spam said:

Natwest.

Natwest?! ....twatfest.


Money markets for me.

.... and which bank/fund would you use to access them?

[Neil_H]

Cayman Islands is supposedly quite favourable.

[edb49]

PistonHeads - how to turn a "which bank" thread into a "how to evade tax with offshore trusts" one.

[The Moose]

Barclsys private bank. Natwest private banking are crap! (IMHO)

The Moose

[Truckosaurus]

The Moose said:

Natwest private banking are crap! (IMHO)

It's just their old phone banking service rebranded.

[Ungarsee]

First and foremost you'll get palmed off to RBS Private Banking (Drummonds on Trafalgar Square) as a first port of call as they deal directly with Camelot and have a dedicated team just to deal with lottery winners (they are my old employer). As a high street Private Bank they are good from a service point of view but they're not independent so you'll be limited by investment products / options.

I currently work for Barclays Premier and would not recommend them as far as I could throw them. Brand has been de valued through current strategy and their dedicated Private Banking are useless for banking but, to be fair, excellent for investments as they are independent but also have the power of BarCap behind them.

For banking I would choose a non high street, dedicated Private Bank.

[Spam]

My honest answer would be C.Hoare & Co without question.

N.B - Natwest was a joke because I know what a complete joke they are.

[amir_j]

Become 'domiciled' on the Isle Of Man, no speedlimits so the minimum time you need to spend living there to qualify will be enjoyable

[edb49]

Spam said:

My honest answer would be C.Hoare & Co without question.

Care to qualify that answer with some reasons?

[Spam]

edb49 said:

Spam said:

My honest answer would be C.Hoare & Co without question.

Care to qualify that answer with some reasons?

Go on their website...

www.hoaresbank.co.uk

1. The bank is the sole surving independent private bank in the UK. It is also still run by the Hoare Family.

2. They have doorman to open the door for you as you walk in the bank apparently.

3. Their service is apparently second to none and they know most of the client on a first name basis.

ETA: Wikipedia - http://en.wikipedia.org/wiki/C._Hoare_%26_Co

Edited by Spam on Sunday 31st August 22:54