I am the nominee account holder for my daughters child savings account. This has close to £10k as a result of all child benefit being paid into the account for 18 years and some funds put into it from grand parents. We (the parents) have not directly put in a penny.
She is coming up to 18 and does not yet know about the account. I plan to move the account to my name before 18 so she does not have the ability to spend it. Long term, we plan to gift it back to her as a deposit for a house when we she eventually buys a house, or say when she is 25 (I.e. After university).
Is there anything in terms of tax (or legally for that matter) that I should be aware of. After the move I know that I would be liable for any tax on the savings held in my name, but this would be well within the new annual savings interest free allowance, as we have no other substantial savings outside ISAs.
Cheers.
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