parent of a child student visa earning saving income in the UK

Are the parent of child student visa who earn saving interest income from their saving accounts in the UK subject to UK income tax? For instance, they earn £40,000 interest from their saving accounts in 2022-23.

Hi,

You can see the following guidance that advises that the interest arising on an account held by an unmarried person under 18 is treated as income of his or her parents if the money in the account was a gift from the parent and the interest exceeds £100. 

SAIM2430 - Interest: taxation of interest: children's accounts

Thank you.

Thank you for your reply. The saving accounts are under the parents' names who earned interests from not the child under 12. Will the parents be liable for income tax to HMRC considering they are the only parent accompanying their child in the UK and they will leave the UK when their child visa comes to end?

Hi,

As the accounts are in your name, it is you who is liable on the interest.

Thank you.