Could you keep quiet about a £161 million lotto jackpot??

[HR17]

In my industry (financial services) I don't deal in cash. Therefore all transactions are traceable, but the MLR for us are very stringent. So a client writes a cheque for say £5000...MLR apply.

BTW suspicion of money laundering is all that is required.

So if the proverbial eye brow is raised by writing a cheque for £75,000 then a money laundering report MUST be filed. You will not know about it...but it will happen.

So, I say again, this will not stay secret.

I assume MB and other luxury brands are familiar with and not really shocked when people walk in off the street and pay cash/cheque etc. There are plenty of people out there with enough wealth from not winning the lottery to keep these guys in business. A friend who's worked in BMW, MB and Porsche dealerships over the years has said that while its not a daily occurrence, it happens.

 

[HR17]

Only because they are a story. 2,400 winners mean no story.

Winning £161 million - that's a story that the papers will want.

Previous big winners are still anonymous. These guys could be too.

 

[LTD]

I wouldn't be in this country except for a short holiday. I'd certainly be off to a tax-free residency somewhere.

Monaco would be high on the list.

 

[renault12ts]

I agree. With £161m, you can afford to be very very generous, and still maintain your privacy...what cost a couple of security people.

Spend it, it's your moral duty.

 

[NW_Merc]

It appears that due to the couple making their win public, they've had to go into hiding to a constant barrage of begging letters............

Hence maybe should've stayed private and kept a normal day to day existence..............

 

[davidjpowell]

£161 million I would not have to go into 'hiding'. You would not see me for dust... long holiday is all that is called for.

And employ a PA to read and bin the post... You could do a lot of good with that amount of money, but I am not sure that would come out of a begging letter.

 

[janner]

I wouldn't be in this country except for a short holiday. I'd certainly be off to a tax-free residency somewhere.

Monaco would be high on the list.

Not so sure about that. The tax thing isn't really that much of an issue. Monaco is a fairly soulless place to live; very expensive, pokey apartments that nobody seems to live in. I guess the upside is that there's lots of other rich people there too.

 

[Rory]

I assume MB and other luxury brands are familiar with and not really shocked when people walk in off the street and pay cash/cheque etc. There are plenty of people out there with enough wealth from not winning the lottery to keep these guys in business. A friend who's worked in BMW, MB and Porsche dealerships over the years has said that while its not a daily occurrence, it happens.

With a cheque, maybe, but not cash.

 

[DITTRICH]

1 Arrange my tax affairs so that I never pay income tax again. Ever.
Houses in 4 different countries ought to see to that.
2 Look after my family: health, education, home, transport
Maybe financial independence too.
3 Donate a chunk to my son's school.
Improve their facilities.
4 Retire.
Do what I want, when I want to.

Keeping it secret = not possible
Keeping it secret from the wider world = yes
Keeping the scale of it secret = maybe

Les

 

[Mercy1]

If you keep all your £161m in one bank...do you think it is safe??

But why would you do that?

I would get Camelot to call in the most senior operating managers of a selection of major City banks (no branch involvement whatsoever) to see if they were a fit and proper company to handle a portion of my fortune (and yes, they would come!)

About 10 would suffice, and the first pre-requisite would be my warning that a leak - any leak - would cost them the £16m deposit.

I would only ever deal with ONE senior and distant (City) manager at each bank. I would make it very clear that I would always deny ABSOLUTELY that I was a lottery winner - and stick to that.

And then I would make myself very scarce!!

See, it's all worked out

It appears that due to the couple making their win public, they've had to go into hiding to a constant barrage of begging letters............

I think that "going into hiding" is press-speak for what we would all do - get out of the way and enjoy the win! Begging letters arrive like night follows day - hardly a problem!

 

[Mr Nicey]

I would much rather see 160 new Millionaires.

 

[renault12ts]

I would much rather see 160 new Millionaires.

It would be better for the economy.

 

[LTD]

Not so sure about that. The tax thing isn't really that much of an issue. Monaco is a fairly soulless place to live; very expensive, pokey apartments that nobody seems to live in. I guess the upside is that there's lots of other rich people there too.

Tax - 40% of a probable £16m p.a. in interest is more than enough reason to move. Every pound your investments make means nearly double the return.

Monaco - you can blend into anonimity. Your flat would be for residency and you could, and would, travel anywhere in the world you wanted to. That's why the flats are smaller and generally empty.

I thought about a similar model and thought about a £3-4 million flat in London until I realised that the tax savings on the interest generated from the capitol could buy the flat twice over - each year - if I was resident in a tax-free country.

I'd love to have the opportunity of worrying about it ....

 

[renault12ts]

The win is tax free. Thereafter, depending on how you arrange your affairs, the most you will pay will be 20% on earnings but not on all of it. I would not go anywhere for tax reasons.

 

[MOCAŠ]

Tax - 40% of a probable £16m p.a. in interest is more than enough reason to move. Every pound your investments make means nearly double the return.

The overal tax take on an annual income of £16m would be just under 50% (49.86% to be precise). Have to say I find it amusing how people are looking to avoid paying tax on income from unearned capital such as this, bearing in mind where the money came from in the first place.

 

[janner]

Why worry about tax? Just pay it if you'd be happier in the UK.
I know someone who saved millions by moving to Monaco but moved back a year later because he hated the place and the flying there and back just to get his 'midnights'.
The idea is the money makes you happy, not controls your life.
You would limit the tax on your income by using good tax advisors so not really an issue.

 

[renault12ts]

I'm not sure where you would get 10% income in these days. Probably 3-4% in a BS. You could take 10% pa by way of return of capital, tax free, and roll over the earnings. Why pay tax?

You would probably give significant amounts away. Those in receipt would have to worry about IHT, but they could provide for that just in case it got too much and you died in the first seven years of making the gift.

 

[LTD]

janner

With virtually unlimited wealth it would be a good few years before I stopped travelling the globe and decided where to settle.

One thing is pretty certain - it would need to be a good argument that would keep me in this country. At the moment I wouldn't trust the Government with a brass farthing let alone millions in potential revenue.

You could do a lot of good with the tax saved from interest. An awful lot ...

 

[NOMONEYBUTAMERC]

I cannot think of many people who would not want to be a winner of £160 million . On the other hand , I cannot think of one person that could easily handle such a vast accumulation of wealth without it adversely affecting them in some way(s).
Without doubt , it is such a vast sum that you just could not carry on life "as normal". With the joy of being able to buy everything you have ever wanted , comes the fear that you , your loved ones , and friends will be targeted by every conman , creep , kidnapper and worse. Who would you give money to , and how much ? At what age would you pass money to your children or grandchildren . How much is too much money for their own good? Could you really still move in the same circle of friends?
I think the lottery should either be capped , or distributed more evenly. As long as they do this the week after I win it of course.

 

[renault12ts]

You miss the point. There is virtually no tax to be paid.