Interest on savings for children
皇冠体育appre鈥檚 usually no tax to pay on children鈥檚 accounts.
Tell HMRC if, in the tax year, the child gets more than 拢100 in interest from money given by a parent. 皇冠体育app parent will have to pay tax on all the interest if it鈥檚 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. 皇冠体育app child will have to pay the tax on this.
皇冠体育app tax year runs from 6 April to 5 April each year.
皇冠体育app 拢100 limit does not apply to money:
- given by grandparents, relatives or friends
- in a Junior ISA or Child Trust Fund