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Saving for grandchildren
Lemy
Posts: 2 Newbie
As a grandparent, if we want to contribute to a grandchild's savings account, which was opened by a parent, how will HMRC know it came from us rather than the parents? Will they take the trouble to trace it to our bank account. I am conscious that only £100 interest can be earned from parental donations.
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Comments
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If HMRC chose to investigate then it would be up to the parents to produce documentary evidence of the source of all funds....0
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what sort of account is it? If it is JISA then there is no tax to worry about.
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If you make an electronic deposit to the account from one of your accounts your name should appear on the statement.0
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