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Warning: Your child's savings will still be taxed like they're yours, even after Apri

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Warning: Your child's savings will still be taxed like they're yours, even after Apri

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MSE_EeshaMSE_Eesha MSE Staff
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This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.




Please click 'post reply' to discuss below.

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  • My daughter has a couple of savings accounts with money paid in by us but also by other relatives over the last 12 years. How will it be determined how much interest is from the parental contribution and how much from elsewhere?
  • phillwphillw Forumite
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    dodgybob wrote: »
    My daughter has a couple of savings accounts with money paid in by us but also by other relatives over the last 12 years. How will it be determined how much interest is from the parental contribution and how much from elsewhere?

    If it's paid in by transfer or cheque then they know where the money comes from, then they would pro-rata any withdrawals. For cash it gets more complex, I imagine they would have to do a full audit. It's likely this isn't automated and has to be declared on your tax return, so you are responsible for keeping track of it.
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