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Reply to: Reducing HRT options
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Previously on "Reducing HRT options"
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Personally I'm not comfortable with putting large amounts into a CTF for the offspring and in all likelihood watch them p1ss it all away when they get control of it at 18,19 - I know I would have done! Would rather save elsewhere and dish it out when they are early 20s and can spend it responsibly!Last edited by moorfield; 20 June 2008, 09:01.
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Remember reading it somewhere that when you pay money to a child out of un-taxed income, for example if your new born baby had 20% shares in Your Co, that HMRC can treat the income as your own personal income for income tax purposes.
It seemed like a reasonable way to make sure my child would have good university education in the future, but was advised against it by an accountant. It might be worth investigating this further, as logically there is no reason why part of a company can't be owned by a Trust; where it gets complicated is with who is the beneficiary of the trust.
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Would be a BIK would it not? It would still be treated as your income.
IANAA
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Reducing HRT options
I have a Ltd company.
To reduce HRT on my dividends, I know that you can pay into a pension, but can I pay into my sons child trust fund?Tags: None
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