Hypothetically
If I wanted to make the procedes of my house sale disappear ( say about £50,000 ) what would be the best way to go about it? I dont want so spend it on rent or bills because it has to last in to my retirement
2007-03-05 23:25:47 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I dont mind paying tax on it but just dont want it all to go on bills and have nothing left when we have time to enjoy it
2007-03-06 00:09:13 · update #1
IF i GAVE IT TO GRAND KIDS WOULD DSS STILL CLASS IT AS MINE?
2007-03-06 00:10:45 · update #2
In and Isa you can save up to £3000 a tax year. Um invest in china - my grandad did and it went well. Or Shares that have a dividan every year so you get some back. I know of one but I dunno if im allowed to say if you wanna know email me :) umm personally id buy a house but thats not what you wanna do. Good Luck
2007-03-05 23:42:31 · answer #1 · answered by Anonymous · 1⤊ 0⤋
These days it's a lot more tricky as they are so hot on money laundering rules. In this country, you'll never hide it.
Offshore is better, although depending on where you put it the host country will either grass you up or the British govt will search for it and sting you. Try Dubai which has a western-friendly approach to finance, no tax whatsoever, and no reciprocal "grassing up" agreement with the UK. I don't think you have enough to get an account in Switzerland, but as they are top secret it might be worth you researching it?
Good luck, and if you discover a fool-proof way of doing it, let me know!
2007-03-06 07:38:50 · answer #2 · answered by Anonymous · 1⤊ 1⤋
Any money transaction is traceable unless you get into money laundering and that is illegal. You will have a trace from the minute that money from your house becomes free of your mortgage, Putting it in an offshore account will leave a trace, even more so than just keeping it under your mattress because it will have suddenly disappeared and that in itself will alert the authorities to it.
Declare that you have it, if you have a child, put it in a few accounts in their name (tax free)
2007-03-06 07:38:33 · answer #3 · answered by Dingle-Dongle 4 · 1⤊ 1⤋
If your looking to defraud the governent then this will not be easy as they can't and will access anything they need to if they think you are defrauding them, but if you want to just forget about it personally put it into a high interest account which you are unable to touch for X amount of time.
There are certain banks that have like ISA's which you can't touch for 3 years etc but you rbest bet would be to talk to a few different banks.
2007-03-06 07:30:46 · answer #4 · answered by The Weird One! 4 · 1⤊ 1⤋
High interest savings account long term - to earn some interest. Make sure that access is not instant - less likely to draw money out until you need it for your retirement.
2007-03-06 07:31:10 · answer #5 · answered by Beanbag 5 · 1⤊ 0⤋
We all have to spend our money on rent and bills..So stop being tight ....Stay in your house....This way you will be making money as the price of your house is going up....When you come to your retirement age you can sell your house and still live in It.
I bet everyone wishes they could do that, but It doesn't make sense!!!!!!!!!!!!!!
2007-03-06 08:15:01 · answer #6 · answered by Anonymous · 0⤊ 2⤋
You could look into contributing it to your pension. You can back-date payments for several years, and pension savings wouldn't affect any benefits you get.
2007-03-06 10:16:39 · answer #7 · answered by Tony W 2 · 1⤊ 0⤋
You could buy upto £30,000 in Premium Bonds, this would give you chance of making some serious money whilst ensuring that you'll never lose the money!!
2007-03-06 07:30:29 · answer #8 · answered by Smarty 6 · 1⤊ 2⤋
Put it someone elses bank account.
As it happens, i wont be using mine for a while......
email me and I'll give you my acc no.
2007-03-06 07:30:04 · answer #9 · answered by livinfortheweekend 4 · 1⤊ 0⤋
Put it into an offshore account.
2007-03-06 07:28:15 · answer #10 · answered by scragette2000 5 · 1⤊ 1⤋