How much interest will I get on £1,000,000
24 January 2002, 12:46 PM
#2
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Assuming 5% growth you would get 137.00 a day. Normal saving account would give you 3-4%. Decent investment portfolio could get you 18-20%. Lucky share buys or bookies could get 40-1000%
24 January 2002, 12:47 PM
#3
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Assuming you get 4%, take one interest payment a year and are a higher rate taxpayer, then you'd take home £24,000. Peanuts eh? A million squids ain't what it used to be 
Chuck
Chuck
24 January 2002, 02:18 PM
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If you put the money in a Abbey National E-Saver account you'd get 4.45%.
If this was your only income you'd get £32,518 per year net.
If you were already a 40% taxpayer then you'd get £27000 net.
If this was your only income you'd get £32,518 per year net.
If you were already a 40% taxpayer then you'd get £27000 net.
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24 January 2002, 03:06 PM
#8
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Diablo,
If you are UK tax resident then your interest income is taxable as if it was your salary. The only difference is that you would receive it net of basic rate tax at 20% (?) and then, if they asked you to do a tax return, you may have to cough up some more.
In the example given abouve this would not trigger a 40% liability as interst rates are so low at the moment, you would have to earn more than apporx £34k in interest and then only the marginal income abouve that would be subject to 40%
YAWN!
PS. If you had £1m and wanted to live off it, you could buy an annuity which would give you a certain level of income for the rest of your life. Clearly the imporant factors here are how long the actuaries think you will live for! If you are healthy, young, and a non-smoker then you won't get much but if you ar 55+ with one lung then you will get a surprising amount! ie. they could afford to pay you £100k a year for 9 years and still make money out of it (so long as you die early!) If you live for 30 years then it is their loss!
If you are UK tax resident then your interest income is taxable as if it was your salary. The only difference is that you would receive it net of basic rate tax at 20% (?) and then, if they asked you to do a tax return, you may have to cough up some more.
In the example given abouve this would not trigger a 40% liability as interst rates are so low at the moment, you would have to earn more than apporx £34k in interest and then only the marginal income abouve that would be subject to 40%
YAWN!
PS. If you had £1m and wanted to live off it, you could buy an annuity which would give you a certain level of income for the rest of your life. Clearly the imporant factors here are how long the actuaries think you will live for! If you are healthy, young, and a non-smoker then you won't get much but if you ar 55+ with one lung then you will get a surprising amount! ie. they could afford to pay you £100k a year for 9 years and still make money out of it (so long as you die early!) If you live for 30 years then it is their loss!
24 January 2002, 05:52 PM
#12
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last guy i invested a million pounds for would have been a bit gutted if he got 3/4/5% a year 
Tiggs
ps- comission for investing a million = scoob and big bag of change after tax
Tiggs
ps- comission for investing a million = scoob and big bag of change after tax
25 January 2002, 07:32 AM
#13
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I've got alot of friends who invested a million in the past 3 years, in the ever rising cant lose internet bubble in the states, many of them have had to go back to work....anyway, he asked about interest, not investments 
Chuck
Chuck
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