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  1. #11
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    You have to pay tax on a child's savings??? Am I understanding right???

  2. #12
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    I think you have to declare the interest earnt on accounts held in trust by you . Accounts in their names I think the tax is really high. Its to stop people putting massive amounts of their own money into b their childs account to avoid paying tax.

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  3. #13
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    The way it was put to me is that you only have to declare the interest/pay tax on kids accounts if you use the money as if it were your own.
    I have trust accounts for my kids but do nothing more than make deposits so I don't have to declare the interest.
    If I were to withdraw some of that money and pay school fees for example, I would then have to declare the interest as if it were my own.


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  4. #14
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    What if the account doesn't earn interest? That would be ok wouldn't it?

  5. #15
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    Quote Originally Posted by ProudMumma34 View Post
    What if the account doesn't earn interest? That would be ok wouldn't it?
    Yep as there would be nothing to declare anyway.

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    ProudMumma34  (26-08-2013)

  7. #16
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    It is my understanding that if you dont supply a TFN to the bank, they'll deduct withholding tax anyway.

  8. #17
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    Quote Originally Posted by sweetseven View Post
    It is my understanding that if you dont supply a TFN to the bank, they'll deduct withholding tax anyway.
    I didn't supply mine and they only withheld tax from interest earnt on my account and not the kids accounts.

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