Investment saving accounts and tax

Angelique888

My son who is 17, (18 in August) has been very fortunate to inherit some money from my family in France. I was wondering if I transfer his money over to put in a saving account as well as as an ISA, how much is he liable to pay tax on the interest from the saving account as he does not work (as a tax payer)?
Thank you.

EthicsGradient

If he doesn't work, and so has no other income, then he will have the full Personal Allowance of £12,570, plus the Personal Savings Allowance which is taxed at 0% of £1,000, plus the full "starting savings rate", also taxed at 0%, of £5,000  so that's £18,570 in income before he'd pay income tax. If he does get any other income in this tax year (eg part time or vacation job) that would need to be taken into account.

Albermarle

Angelique888 said:

My son who is 17, (18 in August) has been very fortunate to inherit some money from my family in France. I was wondering if I transfer his money over to put in a saving account as well as as an ISA, how much is he liable to pay tax on the interest from the saving account as he does not work (as a tax payer)?
Thank you.

In the title it says 'Investment Saving .........................'
Normally on this forum ;
Investments means putting money into the financial markets, that is at risk, in the hope it grows. Often the investments will be held in a Stocks and shares ISA, or a pension.
Savings are risk free savings accounts earning interest.

In very simple terms investments are better for the long term, and savings for the shorter term, and of course you can have both at the same time.