Childrens bonds
Jul 11th 2005, 6:38 am
#1
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Childrens bonds
We had the National savings Children's bonus bonds (tax free) in the UK bought yearly by my in-laws for my two children. They mature at 18. The new rules now state that the beneficiary has to reside in the UK.
Is there a children's Tax free account here we can transfer them into?
Louise
Is there a children's Tax free account here we can transfer them into?
Louise
Jul 11th 2005, 7:14 am
#2
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Re: Childrens bonds
Originally Posted by ljj
We had the National savings Children's bonus bonds (tax free) in the UK bought yearly by my in-laws for my two children. They mature at 18. The new rules now state that the beneficiary has to reside in the UK.
Is there a children's Tax free account here we can transfer them into?
Louise
Is there a children's Tax free account here we can transfer them into?
Louise
Nope, not that I've found. They have to pay tax on everything over about $600 or so.
Jul 11th 2005, 8:47 am
#3
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Re: Childrens bonds
Originally Posted by ljj
We had the National savings Children's bonus bonds (tax free) in the UK bought yearly by my in-laws for my two children. They mature at 18. The new rules now state that the beneficiary has to reside in the UK.
Is there a children's Tax free account here we can transfer them into?
Louise
Is there a children's Tax free account here we can transfer them into?
Louise
We`ve got baby bonds that our children have had from birth, we didn`t know what to do with them...was gonna keep them running. Didn`t know that they now have to be raised in the UK.
SUE
Jul 11th 2005, 8:49 am
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Re: Childrens bonds
Is this the same for the Child Trust Fund????
Jul 11th 2005, 9:15 am
#5
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Re: Childrens bonds
Originally Posted by ljj
We had the National savings Children's bonus bonds (tax free) in the UK bought yearly by my in-laws for my two children. They mature at 18. The new rules now state that the beneficiary has to reside in the UK.
Is there a children's Tax free account here we can transfer them into?
Louise
Is there a children's Tax free account here we can transfer them into?
Louise
Jul 11th 2005, 10:09 am
#6
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Re: Childrens bonds
The Childrens Trust Fund - if that is the one the UK govt were gonna pay into, you can't even apply for if you don't reside in the UK, you had to have resided there as at 4th April 2005 in order to even apply for it, so even though my son was eligible for it otherwise, we can't aplly.
ABC - need to reside in the UK to get it tax free. You can keep the UK bonds etc, but they have to be declared to Oz, and if the interest is sufficiently high, tax paid on it in Oz. Even though they are still children.
ABC - need to reside in the UK to get it tax free. You can keep the UK bonds etc, but they have to be declared to Oz, and if the interest is sufficiently high, tax paid on it in Oz. Even though they are still children.
Jul 11th 2005, 3:28 pm
#7
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Re: Childrens bonds
My 2 yr old Jonah has a UK Govt Child Trust Fund Account - anyone have any idea if we can keep this open or would we have to surrender it when we leave the UK?
Jul 12th 2005, 12:53 am
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Re: Childrens bonds
It seems very unfair that the children are going to be charged for their tax when the grandparents who are putting into the "Baby bonds" are living in the UK and putting their UK funds into it. I have phoned the (Aus) tax office and was told that anything over $600 had to be declared.
I'm half expecting the children to "find where they came from" and backpack round Europe when they are older ( to repay me for putting my parents through leaving them
) i'm wondering about leaving it there and then putting it into bank accounts there when they mature (the bonds not the children!!). That way they have a nice pile of spending money there.
Can I open a childrens bank account in the UK from here does anyone know? We closed them when we moved.
ps my children have more money than me and my husband since moving here!
Louise
I'm half expecting the children to "find where they came from" and backpack round Europe when they are older ( to repay me for putting my parents through leaving them
) i'm wondering about leaving it there and then putting it into bank accounts there when they mature (the bonds not the children!!). That way they have a nice pile of spending money there.Can I open a childrens bank account in the UK from here does anyone know? We closed them when we moved.
ps my children have more money than me and my husband since moving here!
Louise
Jul 12th 2005, 1:43 am
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Re: Childrens bonds
Unfortunately, if you are no longer resident in the UK, you cannot open a bank account there - used to be able to but not any more.
And even if they had a bank account there, they would still have to pay the tax on it here in Australia - thieving ****'s.
What I did, was asked my sister very kindly to open an ISA in her name and I use that account to put all my son's money in, thereby being tax free. However, it means that she can't have one for her money, but she doesn't have any anyway, so for me it is OK!
And even if they had a bank account there, they would still have to pay the tax on it here in Australia - thieving ****'s.
What I did, was asked my sister very kindly to open an ISA in her name and I use that account to put all my son's money in, thereby being tax free. However, it means that she can't have one for her money, but she doesn't have any anyway, so for me it is OK!
