Mortgage Free? In my dream, or maybe a reality!!

chella71

Hiya LittleMissAspie the 20k is pretty much all in ISAs paying over 3%, our higher paying mortgage is at , I think, will have to look at my first post but I'm pretty sure the rate is 2.59%, so I assume that we are earning more on our savings?
A pretty naff with interest rates Chella, but heck that's what I'm here for

Lois_E

chella71 wrote: »

Thank you Lois, I didn't know that, sorry for being thick but do you mean the total of the child's income?? Not the parents?

Yes. Children have their own personal tax-free allowance, just like adults. If they have lots of income (from a trust fund, or from working as a model or actor, or from a deceased parent's pension scheme or something) then they may have to pay tax. But almost all children have very little income - just the interest on any savings accounts - so their personal allowance is way bigger than they need, and they qualify to have their interest paid gross. But the parent has to fill in a form on the child's behalf to say that the child is not a tax payer.