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Old Abeey child saver passbook - "You cannot touch the money"
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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.htm0 -
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.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.htm0
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