Skip to main content

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

  • Savings Interest - Children under 18

    We have two daughters and make a monthly allowance payment to each daughter from our incomes. The money goes into their bank accounts and is co-mingled with ad-hoc gifts received from family - for example at birthdays, Xmas etc. The monthly contributions are £100 and £50 per month respectively from my partner and I. In 2022/23 our daughters earned £57 and £174 of interest respectively on the total balances in their account, which as per the above have arisen from our regular contributions and gifts from other family members. My understanding is that the £57 does not need reporting via self-assessment as it falls under the £100 threshold as per Is this correct? In respect of the £174 does this need reporting via self-assessment? I have seen certain articles suggest that the £100 threshold applies per parent, per child so on that basis would the £174 be non-reportable as it is less than £200?
  • CGT - Long Term Incentive Plans

    In 2019 I was awarded an option to acquire 383 shares in my then employer, subject to the terms and conditions of their staff Long Term Incentive Plan. The award vested in April 2022 and I chose to sell all the shares at the point of vesting rather than holding the shares. In order to proceed with this option the company sold sufficient shares to meet Income Tax and NIC obligations. In my April 2022 payslip I have the following entries: Payments: £1,705 relating to the Share Option being exercised Deductions: £882.34 relating to the Share Option Advance - I believe this would relate to the income tax, NIC obligations and dealing costs relating to the Share Option being exercised. As I am preparing my 2022/23 self assessment I am looking to understand whether I have any form of Capital Gain reporting obligation? As the amount received (both gross and net) is lower than the CGT exemption does this mean there is nothing to include on my self-assessment?