If you won the lottery... - Progressive Rock Music Forum

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Forum Senior Member

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Topic: If you won the lottery...
Posted: March 29 2014 at 15:45

Here in Canada you aren't taxed on the winnings (Huge Plus)
Here in Canada by playing you agree to have your identity shared with the public (Huge minus)

1 - Distribute 10% to immediate family to the level of niece and nephew.
2 - Buy land, lots of land. In the east coast, in Ontario, in BC
3 - Build houses on the land
4 - Build studios on the land
5 - Build runways on the land
6 - Build hangers on the land
7 - Buy a plane
8 - Take Flying lessons
9 - Hire some of my favorite prog musicians to perform in one of my hangers for a banquet I put on for my friends.
10 - And of course furnish all building with the best of the best furniture and technology

Yeah, your right. That might only eat up about $10 million.

Come on Lotto MAX !

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Metalmarsh89 View Drop Down

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Posted: March 23 2014 at 11:11

If I did win the lottery, I know I wouldn't want anyone to know outside of immediate family members. I wouldn't want them treating me differently or heckling me, lol. Of course, local TV probably wouldn't let me off the hook so easily.

Oh, and this is all assuming that I would actually go out and spend money on a lottery ticket. LOL

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Nogbad_The_Bad View Drop Down

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Posted: March 23 2014 at 09:25

After taking care family and charities I'd probably buy three houses in the UK, USA & Caribbean.

In terms of what to do with the rest of my life I'd probably look to support bands I'm interested in and the festival scene to try and get the word out.

Ian

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Stool Man

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Posted: March 23 2014 at 09:08

That's the best idea anybody ever had!

rotten hound of the burnie crew

ExittheLemming View Drop Down

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Posted: March 22 2014 at 10:35

Stool Man wrote:

Slartibartfast wrote:

I'd probably blow all the money on prog CDs.

Let's work it out, roughly:

Assuming that it's possible to get a copy of anything listed on PA (currently 43,326 albums) and assuming that they average forty five minutes each. It would take 193 weeks to listen to it all (assuming you managed to get everything). Longer if you take breaks for sleeping, or listening to something different, or playing anything more than once.

Also, we're talking about £108 million pounds here. If each album cost £2,500 you could do it. But if each album was £25 (and the vast majority are a lot cheaper than that, of course) you would only use up 1% of the money.

What else would you do?

There is not a selfish bone in Slarti's body. He means he would buy all of us prog CDs

Stool Man

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Posted: March 22 2014 at 10:19

Slartibartfast wrote:

I'd probably blow all the money on prog CDs.

Let's work it out, roughly:

What else would you do?

rotten hound of the burnie crew

Slartibartfast View Drop Down

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Posted: March 21 2014 at 11:42

I'd probably blow all the money on prog CDs.

Released date are often when it it impacted you but recorded dates are when it really happened...

Barbu

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Posted: March 20 2014 at 11:46

4, 8, 15, 16, 23, 42

HemispheresOfXanadu View Drop Down

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Posted: March 20 2014 at 11:16

Hire an investor and buy a bunch of music.

The T

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Posted: March 20 2014 at 11:14

I would probably stash away to never have to worry about money again. I wouldn't bring my lifestyle in general up to a level where to maintain it I have to make millions because then this lottery would have been a curse instead of a blessing. Then when I don't have to work and I have no worries some new problems start appearing.

rushfan4

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Posted: March 20 2014 at 10:00

Brings to mind the Richard Pryor movie Brewster's Millions. Not sure if anyone is aware of this movie or not.

Dean

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Posted: March 20 2014 at 09:39

Stool Man wrote:

Thankyou Dean, for a terrific illustration of what this topic is about. We can have fifty ideas and still not even use up half the money.

Personally, I'd spend my time touring record fairs and collecting old records in mint condition (easier online, but lots more fun in person) and with most of the money I'd buy land for myself and friends and family, plus more land elsewhere (it'd be amazing to own a mountain, for example)

Thanks Stewart. I tried to avoid the obvious maudlin topics of giving money to charity (which I definitely would do) and to family (which I definitely would do) and friends (meh... perhaps not) and concentrate on using the money selfishly on things that interest me personally. It also purposely ignores the obvious reality that my wife would have spent this cash several times over before we even saw the cheque from Camelot (or whoever runs it now-a-days).

Mountains are not my thing... an island however... Approve

Of course the interest, even being conservative, is going to clock-up something like £250,000 per month and most of us could do all we ever dreamed of with just that monthly income. Imagine the fun you could have at record fayres with just that "piddling" amount each month. Wink

Taking interest into account the pile would decrease even slower and I'd expect that some of my entrepreneurial ventures would also provide income even if most of them were a constant drain - but as you imply spending a silly amount of money is not as easy as you'd expect.

What?

Rick Robson View Drop Down

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Posted: March 20 2014 at 09:38

ExittheLemming wrote:

^^ he could have bought the entire Smiths back catalogue and burned that together with the philosophy book

Ouchh ! Nothing against philosophy at all, but I wonder if that already happened, then Meat is Murder (better saying Burnt), but The Queen is Dead yet? Why the hell didn't she include that unrespectful photo of argentinian team into this sack?

Oh yeah, it was not the national team...

Edited by Rick Robson - March 20 2014 at 09:43

"Music is a higher revelation than all wisdom and philosophy." LvB

Stool Man

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Posted: March 20 2014 at 08:49

Thankyou Dean, for a terrific illustration of what this topic is about. We can have fifty ideas and still not even use up half the money.

rotten hound of the burnie crew

ExittheLemming View Drop Down

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Posted: March 20 2014 at 08:13

^ As a Scot (albeit one living in Australia) I was rather intrigued by the Torridon reference. I think you're a kiwi? so yeah, go ahead and live anywhere in Scotland (you will most assuredly need a moat, a drawbridge and piranha who don't know when to quit).In mitigation, yes i do admit that we could hang your remains on Clare Forlani's cheekbones. Wink

Chris S

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Posted: March 20 2014 at 05:00

Pay a sh*tload to Hospice

Buy a life time family VIP season ticket to Elland Road

Visit all the giant wave sights around the world

Travel all the time

Buy an estate in Torridon, Scotland- preferrably with a moat ;-)

Choose 10 random families and change their lives forever

adopt 10 orphan's added to my three - give them a stepping stone to the mindf&%k of the journey called life

Blow a 2 million on a four day progfest in UK - Money to be given to the bands, especially Caravan and Camel who always seemed to get shafted by their record companies

Try buy a date with Clare Forlani Smile

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ExittheLemming View Drop Down

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Posted: March 20 2014 at 04:00

^^ he could have bought the entire Smiths back catalogue and burned that together with the philosophy book

CPicard

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Posted: March 20 2014 at 03:31

^Well, that's what I call "a man with a plan". Shocked

Dean

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Posted: March 19 2014 at 17:36

^ I know, but paying tax on interest on money you won is kinda money for nothing so that's no big deal, any way, you're not going to invest that kind of money in this country anyway so those smarmy accountants are going to have to earn their fees if they want paying.

Anyway...

Realisable ideas of what to do with £108,000,000:

1. Quit work - amount left: £108,000,000

2. Buy the company I worked for and close it - amount left: £100,000,000 + interest + £1,000,000 on sale of company assets

3. Re-employ the few people I liked doing something they liked and are good at - amount left: £100,000,000 + interest

4. Take a holiday - amount left: £98,990,000 + interest

5. Start a guitar, lute, electric violin, and electric cello manufacturing business - amount left: £98,000,000 + interest

6. Start a small independent record label and sign all my friends who are in bands, including Season's End of course - amount left: £96,000,000 + interest

7. Pay for studio time of all from (6) except Season's End - amount left: £95,950,000 + interest

8. Pay off mortgage with interest earnt last month - amount left: £95,950,000

9. Start a small bespoke hifi company making top-end equipment at sensible prices - amount left: £92,000,000 + interest

10. Finish recording the two Season's End albums they started 6 years ago but still haven't managed to finish. Inform Steven Wilson he's not involved in the project, pay Francis Lickerish to sit in on the mixing sessions instead - amount left: £91,990,000 + interest

11. Ban all audiophiles from buying my hifi equipment - amount left: £91,990,000 + interest

12. Build a modest house by the sea - amount left: £88,000,000 + interest

13. Buy a car or five, two of which will be Italian, the rest will have once been British - amount left: £86,500,000 + interest

14. Buy a new pair of boots with the interest earnt today - amount left: £86,500,000

15. Have holiday - amount left: £86,490,000 + interest

16. Inform the people I employed in (3) that we gave it our best shot and it's really not working, but it's not me it's them, so I'm afraid that I'm going to have to let them all go, best of luck for the future and all that, here's a few quid for your trouble, catch you all on Linkedin sometime, cheers and all. Bye - amount left: £86,390,000 + interest + £500,000 on sale of company assets

17. Employ some musicians to record an album of Cacophony of Silence music - amount left: £86,870,000 + interest.

18. Perfect a contactless Laser turntable for playing vinyl - amount left: £86,720,000 + interest

~~~~~ it could get messy from here on because Steve Hackett, David Gilmour and Justin Beiber have endorsed my custom guitars and the company has now started to break-even, with the stringless Beiber signature model we're projecting a six-figure annual profit. For the purposes of this list, I shall not count any money earned from this venture ~~~~~

19. Start an new venture making old-skool guitar effects pedals - amount left: £82,720,000 + interest

20. Open a British Tea Shop style café/restaurant - amount left: £82,500,000 + interest

21. Learn the art of blowing glass - amount left: £82,498,500 + interest

22. Create a valve (tube) hifi amplifier that will retail for less than £250 - amount left: £82,000,000 + interest

23. Create a valve (tube) guitar amplifier that will retail for less than £300 - amount left: £81,500,000 + interest

24. Buy an apartment in Barcelona - amount left: £79,000,000 + interest

25. Send Season's End out on tour to promote their twin album release - amount left: £78,950,000 + interest

26. With the profits from the record label, sign-up as many of the PA member bands as practical, including Cyndee Le Rule if possible - amount left: £78,950,000 + interest

27. Pay for studio time of all from (26) - amount left: £78,900,000 + interest

28. Create an analogue modelling synthesiser that will retail for less than £500 - amount left: £76,900,000 + interest

29. Create a purely analogue wireless audio streaming system for audiophiles that will retail for the price of a modest flat in London - amount left: £76,000,000 + interest

30. Sell one of (29) - amount left: £76,900,000 + interest

31. Take out patent on (18) - amount left: £76,885,000 + interest

32. Pay small orchestra to perform two hours of music from Cacophony of Light back-catalogue at the Royal Festival Hall to an invited audience, record the event for personal listening pleasure - amount left: £76,400,000 + interest

33. Fly out to Brazil for a grand PA meet-up with Guigo and Anna for any of my PA friends who want to tag along - amount left: £76,200,000 + interest

34. Buy a snow white kite and write "I Love You" on it in letters of gold - amount left: £76,199,900 + interest

35. Build and equip a rehearsal & recording studio that's free to all local bands and musicians - amount left: £75,000,000 + interest

36. Stage a "thank you" gig for Jo Hampshire of Whitby Gothic Weekend fame featuring as many of the acts that she has promoted over the years as we can squeeze in to a weekend - amount left: £74,500,000 + interest

37. Stage a similar "thank you" event for Catherine Jackson of the Lounge Bar, Alton for all the local acts she's promoted and supported - amount left: £74,450,000 + interest

38. Take wife to Japan to fly the kite purchased at (34) and have lunch with Keishiro- amount left: £74,440,000 + interest

39. Buy the local cinema for a modest price but spend a small fortune restoring it back to its Art Nouveau glory - amount left: £71,440,000 + interest

40. Vintage guitar effects pedals are flying off the shelves quicker than we can produce them - decide to reinvest in new manufacturing facility rather than subcontract - amount left: £67,440,000 + interest

41. Reopen the Palace cinema as a truly independent Art House cinema and café bar - amount left after deducting 12 months running cost losses: £66,850,000 + interest

42. Buy a book on Philosophy and burn it - amount left: £68,849,990 + interest

43. Pass "Go" - collect £200 from banker - amount left: £68,850,190 + interest

44. Commission a master clock maker to construct a functional orrery that includes all the minor planets and moons - amount left: £68,500,000 + interest

45. Commission a sculpture of Death, complete with scythe and red reflective eyes that catch in car headlights like cats-eyes, place it beside the road at front of house facing on-coming traffic - amount left: £68,490,000 + interest

46. Buy the café that's on summit of Mount Snowdon and remodel it as Noah's Ark - amount left: £64,000,000 + interest

47. Commission a pair of stegosaurus sculptures for above - amount left: £63,950,000 + interest

48. Dinner at The Fat Duck for me and family - amount left: £63,948,500 + interest

49. Build a recording studio in the backgarden, with an observatory in the roof - amount left: £63,900,000 + interest

50. Design and manufacture a high capacity MP3 media player that is compact and not crap - amount left: £63,000,000 + interest

...and that just leaves the 63 million pound question... what to do next year.

Edited by Dean - March 20 2014 at 04:10

What?

lazland

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Posted: March 19 2014 at 13:54

Dean wrote:

In the UK the Inland Revenue does not regard a Lottery win as income therefore you do not pay tax on it, they also do not regard them as capital gains so you are not liable for capital gains tax either. The only tax you pay is on the things you buy, just like everyone else who buys a VW Veyron with the loose change in their back pocket.

If you die it's a different matter as the money is deemed to be part of your estate so your beneficiaries are liable to inheritance tax. If you die without any beneficiaries the government takes the lot.

You could gift it away before you die as long as you don't pop your clogs within seven years and as long as you don't give too much in one go because the money given away is still counted as part of your estate. There are legal ways around this of course, and that involves employing an accountant.

It's a tricky business winning more money than you know what to do with.

You are liable to income tax on most investment income, though, and, if you invest in property, on any letting income, and capital gains tax upon disposal. Given the amount of investment and/or letting income on such a win, this would be at the higher rate of income tax, so, although the win itself is tax free, the consequences are not.

As regards gifting, well, the annual allowance is so small (it was £7,000. Not sure now, as this is not my field) as to pale into comparison with the amount won, so, as you suggest, detailed tax planning for inheritance tax from a specialist would be absolutely vital to invest in trusts and such things to legally avoid the tax.

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