Avoiding tax on child savings

HiZ

Hi, I have two child savings accounts and as a higher rate earner I want to ensure I’m not paying tax on their savings - regular gifts from grandparents.

Im confused as to whether I’m being taxed or not. The accounts are specific Child Savers from Leeds BS. By default am I not being taxed because according to hmrc I only tell them if they exceed £100 from earnings on parents contributions?

Do I need to call the Leeds BS and or also HMRC to to confirm the default ’no tax’ to be paid is declared?

Thanks!

https://www.gov.uk/savings-for-children#:~:text=There's%20usually%20no%20tax%20to,their%20own%20Personal%20Savings%20Allowance.

Keep_pedalling

As the gifts are coming from GPs then you have no tax liability and don’t have to declare the interest.

How old are your children? If they are very young I would be looking at a S&S JISA rather than a cash account.