Childrens accounts - can they be exploited?

Lavendyr

http://www.moneysavingexpert.com/savings/child-savings-tax-free

carpy

i haven't got any children anyway.......

Lavendyr

Then why were you asking? You certainly can't open a child account without a child!

carpy

Lavendyr wrote: »

Then why were you asking? You certainly can't open a child account without a child!

i think you will find they can. i quote from the article on this website;


'More good news is that any adult can open 1 account in trust for any given child i.e. If Mum, Dad, Uncle Jack, Aunty Jill and Dave from down the pub all want to open an account in trust for little Tommy, then 5 of these 10% paying accounts can be opened.'

Lavendyr

You still need a child to open the account for is what I meant, you can't open it for yourself. May not have to be your child, but it has to be for A child.

carpy

Lavendyr wrote: »

You still need a child to open the account for is what I meant, you can't open it for yourself. May not have to be your child, but it has to be for A child.

i know that but i could open it in my neice's name or any other child i know.

Lavendyr

So what was your point in saying you didn't have any children? Seems it has no relevance at all if you can, as you say, open the account in any child's name.

jonesMUFCforever

Energize wrote: »

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

Read you post again Energize.

What would you call it then? Fraud, Money laundering?:D

surreysaver

carpy wrote: »

i know that but i could open it in my neice's name or any other child i know.

Yes you could. But it then becomes the child's money. So you cannot take it out and put it in an account of your name. Therefore if you were to do that, it would be stealing. Opening a child's account that is only available to children with the intention of earning a higher rate of interest for yourself is fraud. And if you register it for gross tax, it is tax evasion.

mrs_pepperpot_3

hi can anyone help advise me.... i have two children from previous marriage, they had accounts opened buy ex hubbys father and his brother... i have no idea about these accounts, my children are now 17 and 16 and i was wondering what they could do about getting this money, y ex has never paid child support but was asked for it by csa,
they dont know what bank or building society,
and my ex's father will not talk to me or his grandchildren,
what can anyone sugest? or did he remove the money and use it as a tax free savings pot ? , my kids have never signed anything and neither have i, but my ex might of.
we're just wondering what to do about it. wen i asked my ex he said they cnt access it till 21..... ive never heard of this being a cut of age either.