Are you saving for your child?

xylophone

for your advice

Posters can't give advice, just comments and pointers to information!

Hope the above links helped. This archived content might also be worth a look?http://webarchive.nationalarchives.gov.uk/+/http://www.hmrc.gov.uk/individuals/savings-income.htm

Magsnoodle

xylophone wrote: »

Posters can't give advice, just comments and pointers to information!

Hope the above links helped. This archived content might also be worth a look?http://webarchive.nationalarchives.gov.uk/+/http://www.hmrc.gov.uk/individuals/savings-income.htm

Sorry point taken - although it perhaps should have been suggestions? I did have a look through the first one in particular and had looked at HMRCs website. However, if I am honest with you it was not particularly helpful or easy to read.

I'll look into it properly as soon as I get a minute - Christmas holidays are looming - probably the best time.

Have a good evening.

Reaper

xylophone has given you all the links. The key thing to check is whether it was set up in Bare Trust or Designated. Bare Trust means the money is the child's (and therefore very likely tax free), Designated means it is yours.

claire21

I think age 25 is a more suitable time to actually give them any thing rather than paying for things eg first car, uni fees etc. I think you have more of an idea then of how they have turned out.

So if my three turn out ok, they get a house each and £15k a year each to top up their earnings. If they turn out lazy , unreliable , no passion, they don't get it.

I don't care what they do as long as they try to the best of their ability.

Domayne

My dad gave me and my sister both 5k when we turned 18.
She was sensible and bought a car as she already had a flat.
I paid off my credit card, then filled it back up taking my sister and myself for 2 weeks all inclusive in Ibiza :rotfl:

I don't have children myself but I save £50 each month for my niece, which my sister does too and her grandma from her dads side, She's just over two and is richer than me with around 4k saved.
Although another baby on the way so the £50 will have to start being split between them....
Hopefully she will be a lot more sensible than I was and use it for uni/house deposit!