The list of things you could do with the money is almost endless, so here are five top ideas.
Invest it
Not the most exciting place to start but investing the cash would be likely to prove a smart move. Of course, you could keep a sizable amount of money back for spending as well.
But let's say you decided to invest around £5 million. That money should continue to grow and ensure you never have to even think about working another day in your life. Even a 2.5 percent return on a £5 million investment would provide an annual income of £125,000 - not bad at all!
Some investments are safer than others, with property often said to be the top option for investment. Property rarely falls in value and can provide a regular income when rented out. Gold bars are also considered to be one of the safest investments that it is possible to make.
Stocks and shares are other good options with the best fund managers able to provide very solid returns on investment. With so much cash to play with, the options would be plentiful. Paying off any existing debts should probably be at the top of the list before investing, though.
Don't gamble the money away!
Anyone lucky enough to win so much money really should walk away and stop playing at real money casinos immediately! It can be tempting to gamble in order to try and win even more cash, but really it would be sensible to close down all gambling accounts immediately.
Having £8 million means a person should be absolutely set for life as long as they do not make any really poor financial decisions, so this one is a bit of a no-brainer to be honest. The temptation to try and win even more money might be great, but it should be ignored at all costs.
Help out friends and family
Another obvious one here but helping out loved ones would be top of the list for many. You could give hundreds of thousands of pounds to a handful of people without making too much of a dent in your initial £8 million. Alternatively, buying the property or expensive gifts such as new cars could be a good way to share your new wealth, with a holiday of a lifetime for all the family proving another option that would no doubt go down very well with those who are close to you. However, be wary of any resentment from anyone who misses out on being given anything.
It is also likely that coming into such a large amount of money would lead to a lot of people asking you to help them out. It can be difficult to say no in this situation but handed out cash left, right and center will soon result in that cash pile being depleted.
Donate to charity
A noble option would be to donate a proportion of the money to charity. You could make a massive difference to an organization by writing a cheque for a seven-figure sum. Otherwise, spreading a large amount of cash around a few different charities can help them out as well.
With £8 million to play with it would be possible to have an awful lot of fun with the cash, while still keeping some to one side to benefit as many other people as possible. Most people have charities that are particularly close to their hearts for personal reasons, so this would be another popular way to spend some of that gigantic windfall.
That money could go an awfully long way in the developing world, so think about how many schools or hospitals you might be able to help build by donating some of that £8 million cash.
Spend it!
Let's be honest, £8 million falling into your lap is not going to happen again. You might as well enjoy it! An amount of money as large as that could pay for a very extravagant lifestyle for an extended period of time. Whatever you like to spend your money on, think of the most luxurious examples of those that you would now be able to purchase without checking your bank balance.
Five-star holidays, amazing homes, the best new car on the market - all of this could be yours without a second thought as a result of having that £8 million to your name. Burning through the £8 million without investing any of it would not be very wise, but it would provide great stories.