Old Abeey child saver passbook - "You cannot touch the money"

alanq

innovate wrote: »

Children have a tax free allowance like everybody else and their income from interest is subject to the same taxation rules applicable to everyone else.

Except if the source of their funds is a parent and interest exceeds £100 in which case the parent has to pay tax on the interest.
http://www.hmrc.gov.uk/manuals/saimmanual/saim2430.htm

jonesMUFCforever

alanq wrote: »

Except if the source of their funds is a parent and interest exceeds £100 in which case the parent has to pay tax on the interest.
http://www.hmrc.gov.uk/manuals/saimmanual/saim2430.htm

This is correct - it has been in place for years and years and it is to stop parents putting a shedload of money into their kids accounts whilst getting away with not paying tax.