Where to put my money?

xylophone

atush wrote: »

Which is why I asked if they had a CTF, otherwise put it in a JISA, at 3%.

If you put money in a child's name, and take it out again I don't find they ever check what you have done with it. Having made withdrawals from my children's accts over their lifetime many times. Not once. Of course, I spent it on investments or items for their beneficial use. But no one has ever checked that I did.

Were the money in either of JISA or CTF
(as well as being the child's money absolutely) it could only be moved to a similar product - the money would not be accessible (and then only to the child) until the age of 18?

If an individual proposed putting his own money in a child's name to evade or lessen his liability to tax, then this would be fraud?

If an individual opens a cash ISA in his own name with his own money then this is perfectly legal?

With regard to your having moved money in or out of your child's accounts to other investments for that child, this seems to me what would be expected of a child's Trustee? It does not change the fact that the money was beneficially that of the child?

And of course, were HMRC ever to launch any kind of enquiry, you would be able to demonstrate that you always operated strictly within the tax rules applying to Trustee accounts for a minor where the funds were supplied by a parent/parents.

atush

Yes, of course it would be expected as trustee to move from cash to investments. in re accts in the child's name. Then to make withdrawals to fund those, and other things like school costs.

I dont' knwo why the OP put money into a child acct- and I have no idea what he wants to do with it, I agree it belongs to the child.

But like I said, I don't think there is any realistic likelyhood of this being investigated, unless there are other reasons to investigate the OPs affairs. I was simply making an observation that parents move oney arounmd for kids all the time and I have never heard of anyone being questionned abt it. But if the OP is, he will have to justify and explain- not our problem.

There isn't much reason to put money in a child's name that you dont want them to have that I can think of. But then again, I am honest and pay my taxes too.