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Alternative to Child Trust Fund

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[Deleted User]
[Deleted User] Posts: 0 Newbie
Second Anniversary
in Savings & investments
Hoping the forums can help me out on this one. My oldest son (14 next month) got the Child Trust Fund payment, but then we disappeared to Australia for 12 years in which time son number 2 came along. Now we've returned there is £600+ sat in his fund. However, number 2 son hasn't got anything. What we're thinking is maybe setting up a junior ISA for him and depositing the same amount of money but I've read there's potential tax implications for us because he hasn't "earned" the money.

Can anyone offer a suggestion of what would suit us best?

Thanks

Comments

  • Alexland
    Alexland Posts: 10,183 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    Its fine in a Junior ISA and it might be worth using a provider that will transfer the old CTF into a Junior ISA so their accounts match?
This discussion has been closed.
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