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Use of Childrens Savings to pay mortgage
Comments
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Offsetting the kids savings money is as far as I go tbh...but I've never really been tested needing to go beyond that - cant raid the CTF and the Premium Bonds are a mini flutter...
Hmmm...got me thinking now too! (...will sell all the toys...Muhahahaa!)Beware Lego Men with Deep pockets...! :cool:0 -
Parental contributions to childrens savings are generally taxed at the parents marginal tax rate (to tackle tax avoidance) with some exceptions like CTF's.0
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Missylaney, inheritance was a single amount in trust for any kids we had. When we stopped having them we divided up the inheritance and a lump sum we had saved. Technically they have only had their own accounts since they were born!
Themull1 I wasn't asking your permission. The original question was about te tax implications fir the kids. I have now found this information.
To everyone else thanks for your advice.
I would have thought that if whoever left the money would have made you the benficiary if they had intended it to go towards your house.0
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