Children - investing

Murphy_The_Cat

dolce_vita wrote: »

This is good article is worth taking a look at.

http://www.thisismoney.co.uk/tax-advice/article.html?in_article_id=429413&in_page_id=11

An interesting article, but it did have a fatal flaw. To hit the magic million by 38, the idea required the £40000 CTF to be reinvested - bear in mind that the fund BELONGS TO THE CHILD and that from age 18 onwards, they can do what they like with the proceeds :eek:

agal

I believe, though I could be wrong, that the relevant age in Scotland is 16

Murphy_The_Cat

agal wrote: »

I believe, though I could be wrong, that the relevant age in Scotland is 16

Sort of :beer:
When the child becomes 16, they can manage the money themselves, but when they are 18, the money become theirs (there does not seem to be a distinction between England, Wales, or Scotland on this - I could find no mention of NI, sorry NI people).

Hands up all those that think giving a large amount of money to an eighteen year old is a good idea ? (seventeen year olds needn't answer this one :rotfl:)