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Posted Tue, 28 Mar 2023 09:50:52 GMT by Christ
Hello, Last year I gave money to my children (at age 16) to buy adult cash ISA in addition to junior share and stock ISA. The adult cash ISA he held generate more than £100 interest in tax year 2022-23. I heard that bank interest of more that £100 from money given by parent to children below 18 needs to be declared in parent's tax return. Does this rule appply to money invested by the children invested in adult cash ISA too? If yes, that means I shall add the interest received to my 2022-23 self assessement tax return?
Posted Fri, 31 Mar 2023 11:41:20 GMT by HMRC Admin 25
Hi Christ,

This would not apply to a Cash ISA. 

How ISAs work

Thank you. 


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