We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Child
Bryando
Posts: 1,464 Forumite
I would like to set up a savings account for my 1 year old Nephew. Money going in from the family inc me on occassions eg Christmas...
As I can't give a undertaking of a certain amount each month/year I have no idea what to do.
Can I set up the account bearing in mind I'm not the parent?
Thanks
As I can't give a undertaking of a certain amount each month/year I have no idea what to do.
Can I set up the account bearing in mind I'm not the parent?
Thanks
0
Comments
-
You can set up the account 'Uncle X re nephew X) but the parent will need to sign the R85.
http://www.hmrc.gov.uk/tdsi/children.htm see what happens when child turns 16.
http://www.moneysavingexpert.com/savings/child-savings-tax-free
You can also open an account not specifically intended for children if the institution concerned will accept a "re"!account.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards