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How much interest can a child earn before paying tax
Martyandjake
Posts: 2 Newbie
in Cutting tax
I know as an adult I can earn £1000 in interest on savings before I have to pay tax. But can children earn more as they have no other taxable income? Thanks
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Comments
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They can earn up to £18,570 before paying tax - the same as an adult.#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660
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Assuming they're aren't married (😳) then it's £18,570.Martyandjake said:I know as an adult I can earn £1000 in interest on savings before I have to pay tax. But can children earn more as they have no other taxable income? Thanks
You can potentially earn £17,310 or £18,570 before paying tax on interest. The £1,000 is irrelevant to a lot of people.0 -
Remember, though, that if a minor receives interest on funds contributed by a parent, if it exceeds £100, the whole of the interest is taxed on the parent.0
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