As
indicated with our tax return checklists if you gave away assets (eg
property) after March 1986 and have avoided Inheritance tax but now have use
of the assets you could face an annual income tax charge based on the rental
value. Note this can apply even if the original gift was cash that was then
converted to the asset you now “enjoy”.
If your
child was born after 1 September 2002 you should by now have received your
voucher for at least £250 however, by all accounts, it’s probably ended up
behind a fridge magnet. Of the rest, most are taking the cash fund option
as several institutions are paying 5%-6% pa. Remember the account can be
topped up by £1,200 pa.
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