Money advise

[Mark Walker]

I have some money to put into savings.
It would seem the best thing to do is set up a Children s /juniors savings account with Lloyds paying 3%.
http://www.lloydsbank.com/savings.asp
Is this a good idea ? What are the catches.
Any financial help would be very much appreciated.

 

[Mark Walker]

I take it that you have children that you want to save for.......[/QUOTE]

..........................I may have to withdraw it for myself in case of an emergency you understand !!!!!

 

[vernon]

I take it that you have children that you want to save for.......

..........................I may have to withdraw it for myself in case of an emergency you understand !!!!![/QUOTE]

A tax avoidance scheme then.....

 

[glenn forger]

Child avoidance scheme more like, amiright lol.

 

[biggs682]

Santandar 123 account is worth a look

 

[mr_cellophane]

..........................I may have to withdraw it for myself in case of an emergency you understand !!!!!
A tax avoidance scheme then.....

HMRC have been on to than one for years. You could find the money lumped in with yours for tax purposes. I believe it is called Notional Income.

 

[asterix]

Santandar 123 account is worth a look

I've one of those. 3%, instant access. There is a catch, you get 3% up to only £20k so don't go over the limit.

And it is honest!

 

[mr_cellophane]

I've one of those. 3%, instant access. There is a catch, you get 3% up to only £20k so don't go over the limit.

But then you can set up a DD from your Santander account into your TSB account which pays 5% upto £2000 and in four months open a Nationwide account and set up a DD from the TSB account into that one, etc, etc, ...........................

 

[asterix]

..and then forget where you'd stashed it

 

[rich p]

But then you can set up a DD from your Santander account into your TSB account which pays 5% upto £2000 and in four months open a Nationwide account and set up a DD from the TSB account into that one, etc, etc, ...........................

5%?????

 

[PK99]

..........................I may have to withdraw it for myself in case of an emergency you understand !!!!!

A tax avoidance scheme then.....[/QUOTE]

actually, it would be evasion.

Legitimate use of children's investment vehicles is avoidance/legitimate tax planning.

Squirreling my money away in the kids names is fraud.

 

[Mark Walker]

A tax avoidance scheme then.....[/QUOTE]
actually, it would be evasion.
Legitimate use of children's investment vehicles is avoidance/legitimate tax planning.
Squirreling my money away in the kids names is fraud.

So this is not an option ?
Well back to the drawing board !
regards

 

[Archie_tect]

Putting money into accounts set up by parents for their children in the childrens' names is not a problem provided you don't withdraw any money, surely?

 

[ufkacbln]

HMRC have been on to than one for years. You could find the money lumped in with yours for tax purposes. I believe it is called Notional Income.

Another HMRC con!

Get taxed on your income, then get taxed on it yet again!

 

[nickyboy]

Putting money into accounts set up by parents for their children in the childrens' names is not a problem provided you don't withdraw any money, surely?

Correct. It is only evasion if you "gift" the money to your children, they then invest it using their own personal allowance (ie. not actually "tax free") and then you recover the money from them.
If you do that, the gain (ie. interest) on the money is added to the parent's income and they must pay tax on it in the normal way