Skip to main content

beta This is a new service – your feedback will help us to improve it.

Tax on child account who is now 18+

Amit Kumar
Posted Thu, 29 Dec 2022 19:21:02 GMT by Amit Kumar
Hi Admin, I have opened a saving and current account for my child when he was 15. I was paying any taxes if the interest income was more than £100. He will be 18 next month. Do I need to pay taxes on interest his account earns once he is 18+? Thanks.
HMRC Admin 20
Posted Thu, 05 Jan 2023 11:19:53 GMT by HMRC Admin 20
Hi Amit Kumar,

You would not be required to pay tax on the interest once he is 18.

Thank you.

You must be signed in to post in this forum.