Saving for Nephew

matt4504

Hey everyone,

I just wanted to ask a semi-technical questions. My brother's wife is giving birth next week and I want to invest some money in the babies name. The thing is they live in Belgium but will move back to the UK in November. Can I sort something out whilst the kid lives abroad?

Thanks,

Matthew

xylophone

I think it would be easier to wait until November and make the gift then.
In the meantime see http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672

http://www.hmrc.gov.uk/tdsi/children.htm

RosieBee_2

Hi,

its best probably to wait since i am not sure about the rules governing the Junior ISA. which require the child to be a resident of the UK. if they are moving back then hold off until they become official Brits and take advantage of the Junior ISA then.

if you are looking to save you could stick the money in your own account temporarily and once the Junior ISA is opened simply move the money into it. there is a maximum tax-free allowance of £3,600, and a new allowance comes in each new tax year. So it will give a good five months to make use of the Junior ISA.

Before you open an account, it might be a good idea to keep your eyes open to the rates being offered so you know where you will go to open the account.

Hope this helps

Rosie Bee

VfM4meplse

^^^Agreed, a junior ISA is the way to go. If every child's allowance was maxed out every year, paying for tuition fees and living costs associated with higher education wouldn't be such an issue. Alternatively it would be a good deposit on a new home.

Much better than money spent on booze or fags at any rate.

dannyboy1234

I'm looking to setup a junior isa for my son. There doesn't seem to be a huge number of providers. Can anyone advise which is best value/cheapest.
Thanks

atush

Consider an investment trus in house savings plan as a re:acct- it could be transferred to a JISA after they return. Look at F&C and others, depending on your level of contributions.

xylophone

dannyboy1234 wrote: »

I'm looking to setup a junior isa for my son. There doesn't seem to be a huge number of providers. Can anyone advise which is best value/cheapest.
Thanks

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672

You might be interested in the Halifax relationship cash JISA -

http://www.halifax.co.uk/savings/accounts/branch-accounts/

You can consider stocks and shares junior isa.
http://www.liontrust.co.uk/Products/IndividualSavingsAccountISA/JuniorIndividualSavingsAccountJISA.aspx
http://www.moneywise.co.uk/investing/investment-trusts/benefit-the-new-junior-isas-investment-trusts

http://www.juniorisaaccount.com/
http://www.hl.co.uk/investment-services/junior-isa