Child Savings Accounts

Leeds_Fella

Hi all,

How much money can you hide (oops did I say that), I mean give to a child to place in a gross interest child account? without incurring tax evasion charges

Liz_the_Whizz

Under the £100 rule, where the money is from a parent, your child's savings can earn a maximum of £100 gross interest per annum per parent.

Anything over that and the WHOLE amount is taxed at the parent's rate, not just the amount over £100 gross interest.

See HMRC page:

http://www.hmrc.gov.uk/tdsi/children.htm