Child's Post Office account - are these safe from CSA new Bank arrestment laws?

CornishBloke29

I am about to invest a small sum of money for my son in a Post office savings account in his name.

Are these types of account safe from the CSA's new freeloading bank account laws?

bdt1

I would be interested to read your replies, lso would like to ask the question, if Criminal Complince become involved in a case could they at any point look at NRPP accounts, those in sole name only of NRPP?

speedster

the new draconian measures allow them to raid accounts in the nrp's name (including joint accounts).

a savings account in your sons name would have to be opened by an adult, and if that's you then they'll assume it's yours and steal it without question or recourse.

they wont get the power to raid nrpp's as it contravenes the HRA, so get someone else to open it.

my daughters savings was opened by my mrs so the greedy little fascists wont get near a penny of it. :rolleyes:

CornishBloke29

Then setting up the account in somebody elses name is the way to go.

The CSA must be pleased with the hidden economy it has created. Are these legislators really that naive?

They should try to work the problem, not fight it by making new legislation everytime the previous legislition fails.

speedster

nah, they just give the little fascists more powers everytime they cry.

no-one else in this land can obtain a LO without a little thing called "proof", not even the IR or HMRC.

hence the subsequent abuse of the powers they have.

giving them more power is like "letting the monkey fly plane!" :rotfl::rotfl:

CornishBloke29

Im not a politician, just a family man with common sense.

The government should introduce tax credits to all working parents.

If they selectively deprive working parents and call then "NRP's", they lose financial incentive to work and go underground and their financial activity becomes untreceable. I know of several that have bank accounts and assets in their partners names and just the ATM card.

They should change the law so working parents that want to work, can.

bdt1

My only concern is that in our case, if NRPP holds money in any account and if Criminal Compliance involved, could they then say that money laundering is going on, which of course is a criminal offence??? Just know from experience what they are like and wouldn't put it past them - which is why I'm asking the question of access to NRPP accounts??

Kimitatsu

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Kimitatsu

bdt1 wrote: »

My only concern is that in our case, if NRPP holds money in any account and if Criminal Compliance involved, could they then say that money laundering is going on, which of course is a criminal offence??? Just know from experience what they are like and wouldn't put it past them - which is why I'm asking the question of access to NRPP accounts??

Two concerns here:

Firstly what happens if you split up with your new partner, you have no legal right to that money as it is not in your name

Secondly you could be seen as depriving yourself of that money (I realise that it is for your child BUT some NRP's will use a childs account to put money away so they do not have to pay maintenance and there is no guarantee it will go to the child) if the PWC can ask for a variation on the grounds of your income that could be taken into account.

If you want to keep that money safe then I would open a trust fund for the child with an end date when they can access the money. That way you keep the capital and any subsequent interest safe for the child and you are not benefiting in any way from it.

Can I also all ask that you keep to the topic in hand rather than this turning into another rant thread?

Thanks

plok

Just to echo Kimitatsu's advice and add to it (whilst staying on thread ), I've heard that if a non-UK domiciled person was to settle the trust fund then the capital and interest will always be out of reach for HMRC, IR and our beloved CSA/CMEC. So go find yourself a nice Mr Foreigner and your child's future prosperity will be assured.

shell_542

The only bank account we have in our household is in my name solely. H's wages go into it. I have control over the money. He's just crap with money so I sort it. No CSA involved so not a case of trying to "hide money"

Hopefully we would never be in the position of being hounded for arrears by the CSA to the extent of bank accounts being raided ... but I wouldn't be happy if they could access my account and accuse us of having it in my name just to try and avoid them.