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How much can gparents give to son?
Tracyk_2
Posts: 345 Forumite
We are borrowing £15k from in laws for stamp duty etc. Should I ask them to pay it to our 2 year old and pop it in a childs account and then top our mortgage up by £10k on fixed rate 4.69%? I should be able to get higher than 4.69% on a childs account and not pay tax on the interest?
0
Comments
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Hi Tracyk,
the site below hopefully will help you.
http://www.direct.gov.uk/MoneyTaxAndBenefits/ManagingMoney/PlanningYourPersonalFinances0 -
If I put £15k into their account - does that mean their income is £15k and will get taxed on the bit above their allowance - or is it the interest generated on the £15k is the income?0
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