Types of savings for children

Interest wouldn’t be tax free unless you looked at something like national savings children’s bonus bonds, but a child has a personal income tax-allowance like an adult and may be able to claim back tax on interest using an R85 form, however you will normally find if the money is all from gifts you’re limited to £100 per annum tax-free. Another option for larger amounts of money would be unit trusts as these are chargeable to capital gains tax but you have an annual allowance of £10,100 before tax is charged at 18%, regards, Steve I am an Independent Financial Adviser.

Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.



Steve Weisner ~ Independent Financial Adviser ~ Radcliffe & Newlands ~ 5th Floor Crystal Gate ~ 28-30 Worship Street ~ London EC2A 2AH ~ sweisner@myeggnest.com ~ Tel (0845) 0217000 ~ Direct Tel (020) 73820437 ~ Fax (020) 73740462 www.rad-new.com

Radcliffe and Newlands Ltd is an appointed representative of Sage Financial Services Ltd which is authorised and regulated by the Financial Services Authority.