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Transferring children's money
lostilly
Posts: 23 Forumite
in Cutting tax
My kids have some money (it is theirs from Grandparents) in a Nationwide Smart account from which money can be transferred into my Flexaccount. I want to put some of their money into a higher rate deposit account with me as trustee. In the past I have taken them to the branch to get cheques to send on to another building society but wondered if I can just transfer their money into my account and then write a cheque myself to the new accounts. My worry is that the taxman might think I have used the money myself and then fall foul of the £100 parental rule when the money really was not given by me.
Does anyone know if I can do this?
Many thanks for reading through this!
Lostilly
Does anyone know if I can do this?
Many thanks for reading through this!
Lostilly
0
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