Tax Tips from...
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Personal Pensions - You can pay up to £3600 gross a year into a personal stakeholder pension plan for your children. You will still retain basic rate tax relief out of your contributions meaning the net cost to you would be £2808. You should remember that they cannot take the benefits until they are at least 50 years old. |
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Children`s Tax Credit - Not to be confused with the current Child tax credits. Children`s tax credit was a tax relief available during the tax years ended 5th April 2002 and 2003, for individuals with children resident with them who were under 16 at the start of the tax year. |
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Children`s Income - Children are entitled to full personal allowance and lower rate tax bands. The income of your children is their`s in their own right, no matter how young they are. There are certain exceptions where income comes directly, or indirectly from you, which may still be treated as your income. |
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