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cashman#99
Posts: 1 Newbie
Hi,
I don't know if I'm in the right forum, but here's my question ..... my daughter will be 16 in a few weeks time, and will then be eligible to claim Disability Living allowance in her own right. Currently her Allowance of approx £150 pcm is paid into my account by D/Debit from the DWP. She would like to take control ,of her Allowance, and have £50 available each month for herself, and £100 paid into a savings product for the ( short term ) future. She intends to remain in full time education for the next two years at least. Would an ISA for my daughter be the best option for her savings at this time, given that my understanding is that from April 05 only £1000 per year can be invested in a cash ISA ? Any suggestions welcome - although a product that ties up her money for a long period would be innapropriate.
I don't know if I'm in the right forum, but here's my question ..... my daughter will be 16 in a few weeks time, and will then be eligible to claim Disability Living allowance in her own right. Currently her Allowance of approx £150 pcm is paid into my account by D/Debit from the DWP. She would like to take control ,of her Allowance, and have £50 available each month for herself, and £100 paid into a savings product for the ( short term ) future. She intends to remain in full time education for the next two years at least. Would an ISA for my daughter be the best option for her savings at this time, given that my understanding is that from April 05 only £1000 per year can be invested in a cash ISA ? Any suggestions welcome - although a product that ties up her money for a long period would be innapropriate.
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Comments
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Its Still £3k for the 2005/06 year NOT £1k. The future is undecided, the £3k mini cash ISA may still be with us for a while longer.
Even for current non tax payers, a cash ISA is a good choice, as the income will never be taxable...0
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