Child savings account and turning 16?

barrieo

I have a question that I would be very grateful for some help.

My son turns 16 this year and has quite alot in his Halifax Save4it account so when (if) does his savings class as income for the household (if it already doesnt)

Thanks

Mikeyorks

Assuming that's a 'tax' and not a 'benefits' question? If the account is in his name - it's already part of his personal income, but purely as regards the interest he gets on it.

From April he's allowed £5345pa income before he has to pay tax - that is his total income (any wages / salary + gross interest).

Trust - if he's not subject to tax - there is already an R85 filed on his account (it's not automatic, for children) to obtain gross interest? But do bear in mind that has to be withdrawn (nor is that automatic) once he gets into a taxable level of income.

barrieo

Thanks to the reply, its more of a benefits question.

Does his savings count in the allowed household savings of £6000 before benefits are affected?

Thanks again

Mikeyorks

Very much doubt it ... but you'd be better with that on the 'Benefits' board?