I'm relatively new to HPC but ive found it to be a great site with intelligent advice and sound fundamental ideas from alot of knowledgeable people - I salute you. anyway moving swiftly on...............
My questions:-
1) I have £32k cash to invest (proceeds from STR (sell-to-rent)). being a frugal, careful (tight) soul im looking for any advice in regards to a suitable investment vehicle or storage for my cash, i.e. bonds, ISA's, savings account etc etc. Any Advice?
One idea I have juggled with is to transfer or 'gift' the whole amount to my current (long term) girlfriend, who is a non taxpaying medical student. I am a lower rate taxpayer. We could then set up a high interest savings account (A&L, NR etc) in her name and store our future nest egg there until the dust settles after the immanent HPC to allow us both to buy a place together at realistic prices.
I have considered the implications with this idea and I trust my girlfriend implicitly under any circumstance (some will say foolish no doubt
).I however with my limited knowledge of the law envisage tax implications with this idea in regards to Capital gains, income tax etc,
2) How would I transfer this cash to my g/f? (without incurring taxes etc) any advice on this would be much appreciated
Thankyou in antisipation.
SM
lastly in the words of the great Warren Buffet
"Be fearful when people are being greedy, be greedy when people are fearful"
"Rule 1, Never Loose Money, Rule 2, Never forget Rule 1"
"Risk comes from not knowing what you are doing"