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Brother with special needs - tax question
richleeds
Posts: 182 Forumite
Hi
My younger brother has special needs, he is 24 and will sadly never be able to work or have an income etc.
I would like to know if there is anyway of using his status as a non tax payer to his advantage? We recently inherited some cash, not a huge amount, im going to take out my first ISA and I guess I can do the same for him.
But as he pays no tax at all, will the tax man tax him on ther remainder between the £3k isa and the rest of his savings?
I seem to remember that kids arent taxed on savings would he fall into this catergory?
Probably not a regular MSE forum question, but im sure someone out there will have the answer!
cheers
rich
My younger brother has special needs, he is 24 and will sadly never be able to work or have an income etc.
I would like to know if there is anyway of using his status as a non tax payer to his advantage? We recently inherited some cash, not a huge amount, im going to take out my first ISA and I guess I can do the same for him.
But as he pays no tax at all, will the tax man tax him on ther remainder between the £3k isa and the rest of his savings?
I seem to remember that kids arent taxed on savings would he fall into this catergory?
Probably not a regular MSE forum question, but im sure someone out there will have the answer!
cheers
rich
0
Comments
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think Martin has already answered my question!!...
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1089574348,16470,0
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