Childrens Accounts

dodgy

Hi,

We will be having our first child in a month or so, and as a 40% tax payer I am keen to start saving for my child in his name to maximise the tax situation.

Is it okay to open a savings account for him, and to pay money in regularly to save for things for him - looking long term things like university or school fees, or am I expected to fund those from 'my' account? Can he fund them from his account.

I'm not looking to do anything underhand by storing my money in his name, but I am keen if it is legitimate to give him money which he can then spend on himself (albeit perhaps with me making the decisions on what that money is spent on whilst he is under 16, say).

Does that work?

Thanks

Doppleganger

Don't know if you've read this article: http://www.moneysavingexpert.com/savings/child-savings-tax-free