Childrens accounts - can they be exploited?

carpy

i'm probably on dangerous ground here and i appreciate it's not ethically right.

i wondered if i can open an account (i'm interested in the halifax children regualr saver @10%) for my own benefit?

jonesMUFCforever

Does the account not have to be in the child's name?
In theory if you are happy to steal money that will be in their name for your greed go for it.

johng_uk

In theory if you are happy to steal money that will be in their name for your greed go for it.

That's a little bit harsh as you can't actually 'steal' from the kid as it's not the kids money perse.

The account would have to be in the kids name for sure.

If you were to go down this route (and it's not for me to say yey or ney), would it ease your conscience to leave a little loitering in the account? If your getting 10%, compare it to the best adult alternative, and leave the percentage difference there as savings for your kid(s).

jonesMUFCforever

johng_uk wrote: »

That's a little bit harsh as you can't actually 'steal' from the kid as it's not the kids money perse.

The account would have to be in the kids name for sure.

If you were to go down this route (and it's not for me to say yey or ney), would it ease your conscience to leave a little loitering in the account? If your getting 10%, compare it to the best adult alternative, and leave the percentage difference there as savings for your kid(s).

Fat chance of that happening .
Don't forget also that any interest earned over £100 for the child has to be declared by the parents.

Energize

jonesMUFCforever wrote: »

Does the account not have to be in the child's name?
In theory if you are happy to steal money that will be in their name for your greed go for it.

I would hardly call opening an account in someone elses name stealing money.

Mikeyorks

Maximum £100pm ..... therefore £48 net interest after 20% tax ....... is it worth it? If you want gross interest you will have to sign an R85 (it is not automatic) ........ and that's the point at which you will be lying?

surreysaver

Energize wrote: »

I would hardly call opening an account in someone elses name stealing money.

Nor would I. I would call it fraud...

surreysaver

surreysaver wrote: »

Nor would I. I would call it fraud...

And tax evasion.

Seen_the_light_4

All my non ISA savings are in the wife's name due to me being a 40% taxpayer and her only working part time.

Is this also tax evasion:p

BoGoF

No, but I hope you trust your wife !!

surreysaver

Seen_the_light wrote: »

All my non ISA savings are in the wife's name due to me being a 40% taxpayer and her only working part time.

Is this also tax evasion:p

No. You can legally transfer money between spouces/civil partners with no tax implications for the purpose of avoiding tax, but not between parents and children in order to avoid tax.