Children’s tax

Children’s tax

“Do not despise the bottom rungs in the ascent to greatness.” – Publilius Syrus

Most people are aware of the importance of putting money aside for their children’s education. Unfortunately it’s not as easy as it sounds. If you invest money in the child’s name or even as trustee for the child, you risk paying children’s tax of up to 66%. In most cases you are better to use insurance and friendly society bonds where the bonuses do not have to be shown in your tax return every year and where you can claim the proceeds tax free after 10 years.

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