Money for children

tazwhoever

I would be getting some money for my children about 20K for their higher education and future. It would be too much for their child trust fund accounts.

I’m thinking about opening another trust account and I becoming trustee with the child name.

There are any other ways, investments, etc. which don’t affect means tested benefits?

It will be unfair to receive this money for children's future education, and we spend it on family’s food and rent.

Thanks

Comms69

tazwhoever wrote: »

I would be getting some money for my children about 20K for their higher education and future. It would be too much for their child trust fund accounts.

I’m thinking about opening another trust account and I becoming trustee with the child name.

There are any other ways, investments, etc. which don’t affect means tested benefits?

It will be unfair to receive this money for children's future education, and we spend it on family’s food and rent.

Thanks

how are you getting this money?

batg

unfair?
In what way?

McKneff

Is the money being gifted to the children
Or is it being given to you and you are giving it to your children

Are you on benefits or anything like that. I dont understand your statement about food and rent if it is their money

poppy12345

tazwhoever wrote: »

I would be getting some money for my children about 20K for their higher education and future. It would be too much for their child trust fund accounts.

I’m thinking about opening another trust account and I becoming trustee with the child name.

There are any other ways, investments, etc. which don’t affect means tested benefits?

It will be unfair to receive this money for children's future education, and we spend it on family’s food and rent.

Thanks

Do you claim Income Related benefits? Is this money being given to you or to your children?

tazwhoever

McKneff wrote: »

Is the money being gifted to the children
Or is it being given to you and you are giving it to your children

Are you on benefits or anything like that. I dont understand your statement about food and rent if it is their money

I guess a cheque for each child, payable to each child. Sorry to be a layman, what's a gifted to a child?

"I dont understand your statement about food and rent if it is their money" It's for their future education but it's seems it would affect the means tested benefit.

xylophone

Is this a gift being made to the children?

£20, 000 in total between how many children?

They have CTF accounts?

It would be possible to pay the maximum into the CTF in the CTF year, transfer to JISA and pay in the full amount in the JISA tax year.

This might solve your problem.

http://www.thisismoney.co.uk/money/saving/article-2978112/Is-child-trust-fund-misery-end.html

https://www.skintedmintedmum.co.uk/minted-blog/how-to-transfer-a-child-trust-fund-ctf-to-jisa-with-a-double-scoop-of-tax-allowance.html

Before you do that, just check when you made the last contribution. With a Jisa, the annual allowance period runs between the regular tax year (6 April to 5 April the next year). But the CTF period starts on the child's birthday and ends the day before their next birthday. This difference means it's possible to double up your allowance.

For example, let's assume little Oscar's birthday is Thursday this week, 30 March, and you've contributed this year's allowance already. We're leaving it a bit late but in theory you could, on Thursday, put in his 2017/2018 allowance of £4,080 and then trigger the transfer to a Jisa. Miraculously, the paperwork is done instantaneously and the Jisa is open several days before 5 April, letting you shove this year's Jisa allowance (also £4,080) into the pot as well. A double tax saving whammy! You might have to compromise on the ice-cream now but, at age 18, a fully-loaded Jisa is going to taste a lot sweeter than raspberry ripple.

tazwhoever

poppy12345 wrote: »

Do you claim Income Related benefits? Is this money being given to you or to your children?

To the children, by cheque. But my partner or I need to be a trustee to the saving account. It's too much for child trust fund. So have to open another accounts.

tazwhoever

xylophone wrote: »

Is this a gift being made to the children?

£20, 000 in total between how many children?

They have CTF accounts?

It would be possible to pay the maximum into the CTF in the CTF year, transfer to JISA and pay in the full amount in the JISA tax year.

This might solve your problem.

http://www.thisismoney.co.uk/money/saving/article-2978112/Is-child-trust-fund-misery-end.html



https://www.skintedmintedmum.co.uk/minted-blog/how-to-transfer-a-child-trust-fund-ctf-to-jisa-with-a-double-scoop-of-tax-allowance.html

Before you do that, just check when you made the last contribution. With a Jisa, the annual allowance period runs between the regular tax year (6 April to 5 April the next year). But the CTF period starts on the child's birthday and ends the day before their next birthday. This difference means it!!!8217;s possible to double up your allowance.

For example, let!!!8217;s assume little Oscar's birthday is Thursday this week, 30 March, and you've contributed this year's allowance already. We're leaving it a bit late but in theory you could, on Thursday, put in his 2017/2018 allowance of £4,080 and then trigger the transfer to a Jisa. Miraculously, the paperwork is done instantaneously and the Jisa is open several days before 5 April, letting you shove this year's Jisa allowance (also £4,080) into the pot as well. A double tax saving whammy! You might have to compromise on the ice-cream now but, at age 18, a fully-loaded Jisa is going to taste a lot sweeter than raspberry ripple.

They already have CTF accounts, but the money that they will get will be too much.

They will receive cheques on their names and there are 2 children.

Comms69

WHO is giving them this money, perhaps that will help.

tazwhoever

I claim ESA (CB) and Housing Benefit.

Comms69 - from a relative (#10)