Skip to main content

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

  • RE: Tax on child account who is now 18+

    Hi - Thanks for your reply. Is there be any tax reporting requirement for the financial year if the only income is from Interest and its coming in the range of £7k? Thanks, 

    Name removed admin .
  • RE: Joint Tenants In Common Trading Account

    Hi - Thanks for your reply. The property in question is a Share Dealing account where I will be buying and selling shares. Does it come under the purview of Form17 declaration? I looked into Form 17 and its expecting me to fill all my current share (Equity/Bond) holdings. As I mentioned, the account is a trading account where I will be keep on buying and selling equities/bonds etc, so the holdings will not be fixed through out the year. How to go about declaring form 17? Thanks,

    Name removed admin 
  • Joint Tenants In Common Trading Account

    Hi - I have a "Joint Tenants In Common" trading account in my name and my wife's name. The split is 10% and 90% respectively. They way we need to register with HMRC for unequal share for properties, do we need to register for trading account? When reporting the CGT for trades on this "Joint Tenants In Common" trading account, is their be any specific requirement? As we need to provide detail on trades in an attachment, which is common for this account, shall we upload the same PDF in the Self Assessment for each of us and explain the same in notes section? Thanks, Amit
  • RE: Tax on child account who is now 18+

    Hi - I have now transferred 100K to my son's account in India which will generate 7% interest. I understand that there will not be any inheritance tax implication to my son if I lived for 7 years from the date of transfer. Please correct me if I am wrong here. Also the interest income it will generate, if its less than £12k, I understand that there will not be any tax as its covered by annual allowance but does he needs to report the income just because its earned abroad? Thanks,
  • Tax on Interest Earned in Foreign Country

    Hi, I am planning to transfer some of my cash to my son's bank account in foreign country. He is 18 years old. I am assuming here that there will not be any inheritance tax if I survive for next 7 years. Is this correct? Now this transferred money will earn interest in my son's account. He does not have any other source of income. If the net yearly interest earned is last than personal allowance, is it fair to say that there will not be any tax liability? As the interest is earned in foreign country, does he need to report it to HMRC? Thanks, Amit
  • Tax on child account who is now 18+

    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.