We would be grateful for you advice and opinions.
We as parents would like to gift our three children ( all under 12 years old) with £10,000 each where they would hold the money in a savings account earning 3% gross interest pa. i.e £300 each. They should not have to pay any tax as the income would be below their personal allowance.
How can you distinguish this situation to the taxman as opposed to the scenario where the interest earned would be treated as the parents income, where the child can earn upto £100 interest (£200 for both parents) without being taxable to the parents and above this ( in this case £900 (£300x3)) would be all included as the parents income?
Thank you
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