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    • Jojocat
    • By Jojocat 6th Feb 18, 1:07 PM
    • 26Posts
    • 1Thanks
    3k x2?
    • #1
    • 6th Feb 18, 1:07 PM
    3k x2? 6th Feb 18 at 1:07 PM
    I'm thinking of opening a joint account for my 2 kids in case there's a IRH bill to pay in future. I trust them not to touch the money until 'that' time arrives. Can I deposit 3k X2 (per child) per year with no IRH liable? I'd probably stop at year 4. Would kids need to pay any other tax on that eg, income tax on interest? Which, if they do, the bank takes off anyway??
Page 1
    • noh
    • By noh 6th Feb 18, 2:15 PM
    • 5,231 Posts
    • 3,531 Thanks
    • #2
    • 6th Feb 18, 2:15 PM
    • #2
    • 6th Feb 18, 2:15 PM
    Do you mean IHT (inheritance tax) ?
    3k a year in total would be IHT free not 3k to each recipient.

    How big is your estate likely to be in future and how much IHT do you think will be due?
    • Jojocat
    • By Jojocat 6th Feb 18, 3:52 PM
    • 26 Posts
    • 1 Thanks
    • #3
    • 6th Feb 18, 3:52 PM
    • #3
    • 6th Feb 18, 3:52 PM
    Yes, I mean inheritance tax. I'm science based so finance etc isn't my forte. Thanks for putting me right; I'll make sure it's only 3k per year X 1 (not 2)
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