All 29 billion coins in circulation in the UK have the Queen's head on them
The dilemma of what to do with a huge lottery win is the stuff of dreams for most people.
But those lucky enough to have a huge windfall should plan for the future as well as readjusting to day-to-day life on their new, turbo-charged income, according to finance experts.
Joe and Jess Thwaite, from Gloucester, were revealed on Thursday as the winners of Britain’s biggest EuroMillions lottery jackpot of £184 million.
The couple, who are aged in their 40s and have two children, scooped a record-breaking £184,262,899.
Alistair McQueen, head of savings and retirement at Aviva, said: “Average household wealth in the UK is just over £300,000, including property, savings, pensions and everything else which is owned.
“Fewer than 1% of all households hold more than £3 million of wealth and so winning millions would lift most people into a very select segment of the population.”
Becky O’Connor, head of pensions and savings at interactive investor, said legal support, independent financial advice and an excellent accountant are key.
Giving her suggestions for what people could potentially do with an enormous windfall, she said: “With this kind of money, you have the luxury of being able to separate it out into different investments and types of account and use up all your tax-free allowances – something most of the population can only dream of.
“So firstly, fill your tax-free allowances including your annual Isa allowance of £20,000 and if you have a partner, their Isa allowance too.
“Junior Isa allowances of £9,000 for any children you have could be maxed out and don’t forget your pension annual allowance, which is £40,000 or up to your current earnings, whichever is lower.
“You might also benefit from something called ‘carry forward’, which could allow you to fill up unused pension annual allowance for up to the previous three years.
“Don’t forget, you can leave money in a defined contribution pension to relatives and they won’t pay inheritance tax on it, so if you want to leave some of your millions to family, your pension can be part of the plan to do so tax efficiently.
“You should be mindful of the £1.073 million lifetime allowance limit on pensions, above which a tax charge is levied.
“Sometimes it can be worth going above the limit and paying the extra tax bill, but a good financial adviser will be able to help you plan this as tax efficiently as possible.
With such large sums, investing for income could mean you can live quite well off investment returns with a decent chance of preserving a lot of the capital
“While making sure you don’t pay more tax than necessary through intelligent use of allowances is important, there’s more to life than tax and with huge sums of money, it’s not something you can expect to avoid completely.
“Working out how to live off the money will be equally important and with such large sums, investing for income could mean you can live quite well off investment returns with a decent chance of preserving a lot of the capital.”
Ms O’Connor also cautioned that current high inflation and an unpredictable stock market could put pressure on investments – so having a diverse portfolio of assets is an important strategy.
She added: “It’s really important to seek independent financial advice from a trusted adviser with this kind of money suddenly at your disposal. Legal support for drawing up wills and an excellent accountant will also be good investments in their own right.”
Myron Jobson, senior personal finance analyst at interactive investor, added: “One of the most enjoyable parts of receiving a windfall is spending it, so you shouldn’t feel guilty if you wish to splash a portion of the cash.”
Sit down with your team of experts to establish your level of risk
Alice Haine, personal finance analyst at Bestinvest, suggested one way to celebrate without blowing too large a sum could be to have a “millionaire experience” – adding: “Whether that’s taking a luxury trip, going out for a mega-expensive meal or buying a fancy car.”
The next step could be to create a financial plan.
Ms Haine suggested: “Sit down with your team of experts to establish your level of risk and then they will help you build up a portfolio of investments suited to that.
“If you want to help loved ones with cash sums or property purchases, add these gifts into the plan so that you do not leave yourself short later in life.
“The last thing you want is to run out of cash during your retirement when you have got used to living a certain lifestyle and cannot work to make up any shortfall.
“Another sensible move is to create a will, if you don’t already have one, to ensure there is not a fight over your inheritance after you have gone.”
Ian Pickford, partner and head of financial planning at audit and tax firm Mazars, said: “If managed correctly (a big windfall) can offer numerous generations a lifetime of financial security, but it can also cause family rifts and money troubles down the line.
“That’s why as the dust starts to settle and the champagne is put down, it’s imperative that people seek the advice of experts and put a long-lasting plan in place.”
Mr Thwaite has told how the family had been trying to move house for a while and had looked on Rightmove – but in the past what they had wanted was “far beyond” what was affordable.
Now, they could potentially have their pick.
If they choose to stay local, the most expensive home for sale in Gloucester is currently £3 million, highlighting just how huge a sum of money their total win is as they could buy it 60 times over
Rightmove’s property expert Tim Bannister said: “Being able to go shopping as a cash buyer for a multimillion-pound home is something many of us only get to dream about, so it’s very exciting for this couple to be able to draw a search around all of the UK on Rightmove and take their pick.
“If they choose to stay local, the most expensive home for sale in Gloucester is currently £3 million, highlighting just how huge a sum of money their total win is as they could buy it 60 times over.
“It may not come down to money though as their dream might be to buy a beautiful cottage in the Cotswolds.
“Home hunters often tell us that even if money was no object they would still want something practical like a utility room over a luxury like a swimming pool, so once they’ve had time to celebrate their good fortune they may find their wish-list includes a lot more practicalities alongside the more exciting things like a cinema room or tennis court.”
If you are looking for a £10 million super-prime mansion, the purchase taxes will cost £1.14 million
Grainne Gilmore, head of research at Zoopla, said: “When it comes to property taxes, the way stamp duty works means that the more you spend on your home, the bigger the stamp duty charge.
“For example on a £300,000 home, the stamp duty payable is £5,000 while on a £2 million home, it rises to £153,750.
“If you are looking for a £10 million super-prime mansion, the purchase taxes will cost £1.14 million.
“And if it ends up being your second property because you want to hang on to your original family home, you can add an extra £300,000 to the bill.”
Sarah Coles, senior personal finance analyst, Hargreaves Lansdown, said those suddenly coming into a fortune do not need to rush to act.
She suggested: “Consider the reality of your dreams. Some people may have dreamt of living in a huge house.
“However, ask yourself how much of your windfall you’ll want to spend on the upkeep – and on heating it of course.”
Summary This databook uses data from Apparel database showing the trends in the market and sectors by value and volume. It also reveals the brand leaders by market share in 2020 in each of the sectors as well as total apparel.New York, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Childrenswear Market Size and Trend Analysis by Category (Girlswear, Boyswear, Babywear), Product Subsegment, Price Positioning, Retail Channel, Region, Consumer Attitudes, Ke
Families on lower incomes are still in need of additional support despite the government's energy announcement.
Frasers Group to take up slot vacated by defence firm Meggitt, which was bought by US rival
The Royal Horticultural Society will close its five gardens — Bridgewater, Wisley, Hyde Hall, Harlow Carr and Rosemoor — on the day of the Queen's funeral.
The Bank of England will hand cash-starved energy companies up to £40bn of Covid-style loans as suppliers struggle to protect themselves from soaring prices.
Primark said it will hold off from further price increases next year as shoppers see their spending power impacted by rising energy bills.
Major players in the in-flight catering services market are Gate Gourmet, LSG Group, Servair S. A. , SATS Ltd, Journey Group Plc, ANA Catering Service Co. Ltd, Emirates Flight Catering, Flying Food Group, Newrest Group Services SAS, AAS Catering, Egypt Air In-Flight Services, KLM Catering Services Schiphol, Air Fayre, and Abby’s Catering.New York, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "In-Flight Catering Services Global Market Report 2022" - http
Under the watchful eye of an instructor, Munira al-Rubaian spreads fresh bed linen in a mock hotel room in the Saudi capital, aiming to land a job in the desert kingdom's growing tourism sector.
A DAO is a new type of organisation that utilises blockchain technology and promises to radically change the way we work.On this week's episode of The Crypto Mile our host Brian McGleenon sat down with the co-founder of SyndicateDAO Will Papper to find out more about this new concept that is attempting to turn the traditional corporation on its head. The web3 term DAO is short for decentralised autonomous organisation. For those not seasoned in crypto-jargon, decentralisation describes how power, data and decisions are spread across many individuals or nodes on the blockchain, making a more democratic system that has no single point of failure. The word autonomous describes the process of using the blockchain to automate everything from payment transactions, to legal contracts and to execute decisions within organisations.
Bosses at EY have agreed to push ahead with a split of its audit and consulting arms in the biggest shake-up of a Big Four accounting giant in decades.
Slovakia's national gas importer SPP has signed a liquefied natural gas (LNG) supply deal with ExxonMobil, SPP said on Thursday, as Europe races to secure alternatives to Russian gas. SPP said the amount of gas in storage and its diversified supplies were grounds for optimism its customers would not face disruptions this winter, but added it was vital for the European market and cross-border connections to remain functional. "A contract with a strategic partner that ExxonMobil is opens new opportunities in access to natural gas and LNG," SPP said in a statement, without giving the volumes or price of the deal.
Trondheim, 8 September 2022: Petors AS, a company owned by CEO and primary insider of NORBIT ASA, Per Jørgen Weisethaunet, has on 8 September 2022 purchased 10,000 shares in NORBIT at an average price of NOK 26.50 per share. Following the transaction, Petors AS owns 6,995,051 shares in NORBIT. In addition, related parties of Weisethaunet own 7,893 shares, so that the total number of shares controlled by Weisethaunet and related parties amounts 7,002,944 shares, representing 11.89 per cent of the
The Lancet Respiratory Medicine, a peer-reviewed journal, published the results of the PANAMO trial, one of the largest, global, 1:1 randomized, placebo-controlled Phase III studies conducted in invasively mechanically ventilated, critically ill COVID-19 patientsIn-depth statistical analysis confirms robustness of clinical survival benefit of vilobelimab treatment on 28-day and 60-day all-cause mortalityVilobelimab targets the inflammatory immune response evoked by SARS-CoV-2 infection that caus
GDANSK (Reuters) -Poland's biggest oil refiner PKN Orlen stepped up its commitment to new technologies on Thursday, saying it had invested in a company that helps improve the efficiency of wind turbines and another that automates infrastructure inspections. The investments are in Eologix Sensor Technology and Invert Robotics Group respectively, and were made through PKN Orlen's venture capital fund Orlen VC, the company said. "In terms of the investment value, in both cases we are talking about 2-3 million euros ($2-3 million) each," Orlen VC investment director Marek Garniewski told Reuters.
The Night Time Industries Association Scotland is calling for urgent action from the UK and Scottish governments.
The net value (NAV) of EfTEN Real Estate Fund III AS shares was 20.1625 euros as of 31.08.2022. The net value of the EPRA share (EPRA NRV - accounting net value without taking into account the deferred income tax liability and the fair value of interest derivatives) was 21.45 euros as of 31.08.2022. Both NAV and EPRA NRV increased by 0.8% in August. In August, the fund earned a total of 1,132 thousand euros in consolidated rental income, which is 10 thousand euros more than the month before. The
Artificial Intelligence Chips are special silicon chips, programmed for machine learning. AI Chips can process vast amount of data, identify the underlying patterns, interpret the trends and utilize the feed to achieve specific goals.New York, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Artificial Intelligence Chip Market by Chip Type, by Application, by Architecture, by Processing Type, by End User - Global Opportunity Analysis and Industry Forecast,
(Reuters) -European shares rose on Thursday led by gains in bank stocks after the European Central Bank delivered its biggest-ever interest rate hike to combat inflation, which is running at a half-century high and approaching double-digits. The ECB raised its benchmark lending rate by 75 basis points, as widely expected, and promised further hikes in an effort to bring inflation back towards the central bank's 2% medium-term target. "September was likely the best moment for the ECB to send this signal, given the expected slowdown ahead."
Global Artificial Intelligence Market Global Artificial Intelligence Market Dublin, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The "Artificial Intelligence Market Size, Share & Trends Analysis Report by Solution, by Technology (Deep Learning, Machine Learning, Natural Language Processing, Machine Vision), by End Use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.The global artificial intelligence market size is expected to reach USD 1,811.8 billi
JOHANNESBURG (Reuters) -South Africa's Competition Commission approved Heineken's purchase of wine and cider company Distell Group as long as the merged entity invests more than 10 billion rand ($578 million) over five years in the country. The Commission said on Friday the investment would be to maintain and grow the aggregate productive capacity of its operations and related facilities in South Africa. The Dutch brewer announced in November its planned purchase of Distell and Namibia Breweries Ltd to form a southern African drinks group worth 4 billion euros ($4 billion).