In addition to ISAs, there are also some savings plans which are Tax Free. This is an excellent way to save money for older children who do not qualify for the Child Trust Fund. As Independent advisers we can advise you on the different plans and options available.
You can invest up to £25 a month in a tax free fund for each child which will grow into a tax free lump sum, which can be used to buy your child their first car or pay for university costs.
Tax-free means free from income and capital gains taxes for plans taken out under current legislation, which helps your money grow faster than it would in a taxed investment. This favourable tax treatment may not be available in the future. The fund receives UK dividend income net of corporation tax, which neither it nor individual taxpayers can reclaim.
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