I am a higher rate taxpayer and am refinancing my property to pay school fees for my son.
He will be living with my parents (ie his grandparents) because they are in the catchment area for the school and he will be eligible for a scholarship once he has 3 yrs residency.
My plan is to gift £30,000 to my mother who has no taxable income so that it can be placed in the best interest bearing account we can find. We will also have the child benefit paid inot that account. My mother can then earn interest gross and draw down from that account to pay the school fees.
Is this "upwards gift" proofed against any reservation of benefit on my part in respect of income tax on the interest earned
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