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Approximately how much per year are you considering investing?
Understood. A Junior Individual Savings account has a yearly maximum deposit amount of £9000 - this could be your solution.
The account is managed by a parent or guardian and the child assumes control when they are 16 but cannot withdraw funds until they turn 18. The money belongs to the child not the parent, the parent can't access it.
There is information about this here: https://www.gov.uk/junior-individual-savings-accounts
There's also tax benefits in relation to this type of ISA.
I trust that this assists?
Yes my understanding is that the only person that can access the funds is the child themselves, when they turn 18. The parent can 'manage' the account until the child turns 16, but this is limited to:
This would be considered the child's money and would not be counted as an asset for the mother.
My pleasure, happy to have assisted today.
As I explained the mother can't access the funds, her role would be limited to 'managing the account' as per the examples above. The funds belong to the child, regardless of who manages the ISA.
I understand, as I've explained the mother does not have access to the funds, her role is limited to management as above.
Yes that is how I would assume this arrangement would work - she would open the account and you would then transfer the funds into it.