Childrens savings accounts

[dpearce4]

Since when did HMRC decide it was ok to charge tax on all interest over £100 on childrens accounts.

they are allowed to earn £10k without tax the same as anyone so who the hell do they think they are.

 

[REDWOOD]

I think it was about 15 years ago because that's when I took it out of the savings account and bought premium bonds instead.

 

[Erichalfbee]

But you can claim it back surely

 

[wessexmario]

If you complete HMRC form R85 and give it to your savings bank they will not deduct the tax.

https://www.gov.uk/government/publi...tting-your-interest-without-tax-taken-off-r85


PS. I don't think it can be applied retrospectively so get it in quick before the end of the tax year so that they refund this year's tax back.

 

[Dishmop]

Perhaps when they sussed out that parents were hiding money in children accounts..

 

[REDWOOD]

I thought there was nothing wrong having your kids richer than us

 

[Dishmop]

I thought there was nothing wrong having your kids richer than us

which is why I'm spending mine and not leaving them any...

 

[REDWOOD]

Go for it, better you spend it than them, if you want to leave them anything make sure it the funeral bills,............ Although don't tell them as they choose what care home you go into