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Secret saving for children
Comments
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A bare trust is what you need, the investment will be in the ownership of the child, thus no tax implications for you.
Since the income from a bare trust belongs to the beneficiary of the trust, the tax implications are for the child.
The trustees might have no knowledge of the child's personal tax position - it might be an unlikely event but just suppose the child were to become a higher rate tax payer at any time while the bare trust were in existence?0 -
If it's an Investment Trust, and if CGT became an issue, the child would need to deal with it at age 18, if necessary by selling in annual tranches.The trustees might have no knowledge of the child's personal tax position - it might be an unlikely event but just suppose the child were to become a higher rate tax payer at any time while the bare trust were in existence?0 -
MoneySaverLog wrote: »Avoid the friendly societies.
Why do you say that?0
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