IF you had £3000 a year to give tax free to your DC and DGC how would you share it?

Ooooooh I am sorry I have messed up the headline and I don't know how to edit it...please could a moderator help?

I've just started to do this for my DD. Don't mind what she uses it for but, knowing her, it will benefit her two children.

It seems most unfair to give the whole sum to one DS while the other gets nothing. Surely it could be split between them?

I'm putting some towards dgd, we have started an account for university if she goes. It is so expensive now.

We give £3.000 to DGS1 towards his living costs whilst at Uni and will do the same for the others when they go,if they don't go it will go to wards what ever they need at the time,I would never never give one without the other.

Josie! working on the sabbath?

You can get junior Isa's now. We are going to start one for elder grandson who missed the Child Trust Fund by a year. We will give same amount to younger gs but his can go into his CTF.

Trouble is, you never know how many grandkids you are going to finish up.

We always make sure it is equal when giving to the actual children.

I must look into them. Who does them? Only one gc so far, but dd is talking
<diving under bed and hiding> of more!

Several websites comparin g them jeni. Here's one. www.comparejuniorisa.com/compare?gclid=CLGT1frfmK4CFeontAod31LULg

Thanks jingl. I have savings account for her in Santander. After the first year has gone I have to reinvest. The pru one looks good. My pru bond has done very well over the years.

The problem with junior ISAs is that they belong to the child - when he/she turns 18 the dosh becomes their own, to do with just as they please, whether that is three years at uni or three nights in a top London hotel snorting coke. Nothing to do with the donor.
Also, not many children pay tax anyway so the tax-free element is not particularly useful.
Just a thought.

Mmmneed to think!

We decided to give monetary help to our children/grandchildren as and when they had need. We have helped them all over the years. Currently we are helping our youngest grandson through Uni, and we have promised to help his big brother when he and his fiancee get married next year.

But, with junior Isas, doesn't the money continue into adult Isas when the child is eighteen, and is still protected from income tax. By that time a good sum could have built up and if that money was in a savings account, it would be taxable.

I am continuing a conversation from February here!

That's ok though.

j04 money in a child's account is taxable but they have the same tax allowance as the rest of us so would need a massive sum saved before they paid tax on the interest. You do need an audit trail to show that the money in the account is not from the parents as interest over £100 on money from them is taxable.

There is no limit to the amount you can give away each year as long as it is out of income and does not affect your standard of living.

I don't think I can give anything to our 2 GSs because we have 2 more DSs who do not yet have children so it is difficult to anticipate how much we might need for them in the future. We do help our DSs as and when they need it and do not treat them 'fairly' as they have different needs at different times. We have just helped one substantially and have left it to him to tell his brothers about it when we die. I would not do it for one of the others as I'm not sure how long his marriage will last (Very difficult DiL) so will help him if he needs it at a later date.

Our wills state that should any of our DSs predecease us their share will go to any children.

I think the point of putting money in a junior isa is that the money stays protected from tax, even when the child reaches 18, so long as the money is transferred straight into an adult isa and not brought out of isa-land. This could be a huge benefit. If you started afresh with an adult isa you would only be able to put in the same amount as the rest of us.