Transferring Children's Savings
in Savings & investments
9 replies 291 views
I want to transfer my children's savings from their existing account to a new one with a differnt provider, which has a higher rate. The easiest way to do this is to withdraw the money to my own account and then transfer it from there to their new accounts. However, will this then be classed as a new 'gift' from me, meaning tax would then need to be paid on their savings? - Do I need to find a way to transfer direct from their old account to the new one to avoid this?
Any advice greatly appreciated!
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