National Childrens Savings Bond
Oct 13th 2004, 8:23 pm
#1
Forum Regular
Thread Starter
Joined: Jan 2004
Location: Living it! Loving it! Sunshine Coast.
Posts: 125
National Childrens Savings Bond
Both our children have National Savings Childrens Bonus Bonds that were a present from Grandparents on there first birthday. They will be worth about £2.5k each when they reach 16 years old.
Will they have any tax implications? or as they are a gift for children would they be tax free?
They are worth about £2k each at present. Would it be better to cash them in and open Aus accts for them?
Will they have any tax implications? or as they are a gift for children would they be tax free?
They are worth about £2k each at present. Would it be better to cash them in and open Aus accts for them?
Oct 13th 2004, 9:58 pm
#2
Joined: Dec 2003
Posts: 7,834
Re: National Childrens Savings Bond
Originally Posted by Sydney The Dog
Both our children have National Savings Childrens Bonus Bonds that were a present from Grandparents on there first birthday. They will be worth about £2.5k each when they reach 16 years old.
Will they have any tax implications? or as they are a gift for children would they be tax free?
They are worth about £2k each at present. Would it be better to cash them in and open Aus accts for them?
Will they have any tax implications? or as they are a gift for children would they be tax free?
They are worth about £2k each at present. Would it be better to cash them in and open Aus accts for them?
Oct 14th 2004, 2:13 am
#3
Guest
Posts: n/a
Re: National Childrens Savings Bond
Originally Posted by Sydney The Dog
Both our children have National Savings Childrens Bonus Bonds that were a present from Grandparents on there first birthday. They will be worth about £2.5k each when they reach 16 years old.
Will they have any tax implications? or as they are a gift for children would they be tax free?
They are worth about £2k each at present. Would it be better to cash them in and open Aus accts for them?
Will they have any tax implications? or as they are a gift for children would they be tax free?
They are worth about £2k each at present. Would it be better to cash them in and open Aus accts for them?
Unfortunately, UK tax free investments are not tax free here. For example - any UK Premium Bond winnings are taxable here
Gifts from grandparents themselves may be tax free, but any income generated by the gift should be taxable income, at ordinary rates of tax.
Oct 14th 2004, 2:22 am
#4
Karma Comedian
Joined: Feb 2003
Location: Brisvegas
Posts: 3,506
Re: National Childrens Savings Bond
Originally Posted by biggy
I just cashed our kids in
How much did you get for them?
Oct 14th 2004, 7:12 am
#5
BE Enthusiast
Joined: Jan 2004
Location: Melbourne
Posts: 400
Re: National Childrens Savings Bond
They have a guaranteed value on each anniversary, if you cash them early you'll just lose out on the extra bonus paid at the end of the 5 year period. The rates have not been that terrifc recently mind, so the bonuses are nothing special.
I have been trying to find out what can be done with ISA's & other savings plans. I was told you can keep your ISA, just not add to it, when you are no longer a UK resident. Also I found I can keep my share dealing account.
Rgds Jim
I have been trying to find out what can be done with ISA's & other savings plans. I was told you can keep your ISA, just not add to it, when you are no longer a UK resident. Also I found I can keep my share dealing account.
Rgds Jim
