Investment for a child without parents access??

1975damo

Hi Everyone,
Does anyone know of an account, or way of investing for an 8 year old child (a relative of mine). The difference is that
1) I don't want the parents to have access to child's account 2) I don't want the child to have access to the account till they're 16

dunstonh

Sounds like you are talking about a savings account and not an investment.

You can do this although you will need to comply with money laundering requirements (birth cert) for the child.

Farway

What I have done is just invest [shares] in my name, but I know they are really for my grandchildren

It may not be a perfect solution, and no doubt has some pitfalls, but it works for me

dunstonh

It may not be a perfect solution, and no doubt has some pitfalls, but it works for me

income tax, capital gains tax, inheritance tax and if you die the money is not earmarked for them so you would need to put it in your will.

Apart from that it would work.

A unit trust held with a record of a gift (as part of the gift allowance) with the designation for the child would work but not at age 16 but 21.

Primrose

The Post Office offer a savings account for children that can be held in trust for them. However, you will need to produce their birth certificates by way of an identity check and you can stipulate at what age (16/18/21) you want the child to be able to access the money.

jonesMUFCforever

Faraway
The share certificates could be annotated in their names eg Faraway a/c grandchild 1 etc,

Whilst you are still liable for Capital gains etc it would make it easier to sort out if you were demised suddenly before you got the chance to transfer them properly into their names at 18.