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Your parents might like to know...
If as a parent you give your child a gift of money that produces more than £100 of gross interest per year, the income will normally be taxed as yours.
Most children don't pay tax on savings interest. If this is the case for you, ask for the Revenue & Customs R85 form† to complete when the account is opened. Once we get a completed form, we'll pay interest without deducting tax.
See our rates & charges.
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