Interest on savings for children

There바카라 사이트檚 usually no tax to pay on children바카라 사이트檚 accounts.

Tell HMRC if, in the tax year, the child gets more than 拢100 in interest from money given by a parent. The parent will have to pay tax on all the interest if it바카라 사이트檚 above their own Personal Savings Allowance.

You must also tell HMRC if a child has an income over their Personal Allowance, for example, from a trust. The child will have to pay the tax on this.

The tax year runs from 6 April to 5 April each year.

The 拢100 limit doesn바카라 사이트檛 apply to money:

• given by grandparents, relatives or friends
• in a Junior ISA or Child Trust Fund