Crosswords1 min ago
child trust fund question ? advice needed please.
4 Answers
we currently put £80 per month into childs account with family investments, will she be taxed on her money when she reaches 18 years old ? if say she saves £1000 per year for 18 years £18,000 . or does she only pay tax after she has that money herself , bviosly she cannot withdraw it untill she,s 18.
we are just worried about the way things are going now with government cuts on pensions etc.
what would you do ? we were going to shorten her money to £50 per month but we do want her to get as much as possible when she is older .
maybe switch family investments into an ordinary savers acount with bank, ive heard that family investments is goverment run and they can gamble your money with shares etc but i just dont know , hence this question ;-)
we are just worried about the way things are going now with government cuts on pensions etc.
what would you do ? we were going to shorten her money to £50 per month but we do want her to get as much as possible when she is older .
maybe switch family investments into an ordinary savers acount with bank, ive heard that family investments is goverment run and they can gamble your money with shares etc but i just dont know , hence this question ;-)
Answers
Best Answer
No best answer has yet been selected by goldenbolls. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.I'm no expert on child trust funds, but a quick look at the Family Investments website would suggest that your daughters money is invested in either the 'Stakeholder Child Trust Fund' or the 'Ethical Stakeholder Child Trust Fund', both of which invest in shares, which over a 18 year period should prove to be a better investment than cash.
Infact they are not dissimilar to a personal/stakeholder pension that you may have yourself.
Tax is not payable on child trust funds at any stage of their lifespan or when they mature.
Infact they are not dissimilar to a personal/stakeholder pension that you may have yourself.
Tax is not payable on child trust funds at any stage of their lifespan or when they mature.
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.