Fletch
Striker
Is she retiring also mate or just yourselfWho cares
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Stocks n Shares ISA
- Thread starter Fletch
- Start date
archiesdad
Midfield
Yes both of us next year is the plan. She has a chance of a package, I'll just pull the chord an leave. 57
I'm looking to save £20 a month for my grandchildren till they're 18 or 20. With it being just a small amount I was just going to do a standing order to a savings account but a quick Google shows even with such a small amount there's a big difference in outcomes if invested.
I'm happy to look at mediums-High risk investment with it being money they will have never have had.
Can you invest such a small amount and any ideas what might be a good place to look. I don't want to be moving it around every year. Just set up a SO and forgot about it.
Thanks
I'm happy to look at mediums-High risk investment with it being money they will have never have had.
Can you invest such a small amount and any ideas what might be a good place to look. I don't want to be moving it around every year. Just set up a SO and forgot about it.
Thanks
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42
Striker
Dont offer JISAs
Ned Land
Winger
If it’s a small amount then M&G a have regular investments plan. We opened a ‘designated’ account for our son paying £25 monthly in an U.K. index tracker fund and it’s worth a few grand now.
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My understanding is that the kid won’t be liable for tax due to them having a personal tax allowance, but if we do get stung then I’ll claim to be an MP.
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I've got S&S JISA for the kids via Scottish Friendly. Have a low minimum payment via DD and can select the funds based on risk appetite.
Benefits are that it's all tax free and doesn't impact your own ISA allowance and the growth has been decent for us over the last 10 years. Bad bit is that it's a JISA so the cash becomes all theirs when they hit 18 so if they're still very immature then they could spend years of your diligent saving on a 7 day coke binge in Magaluf.
I'll be letting my kids know that if they waste that kind of money they can forget getting another penny off me every again though.
I dunno how these things work but is there an option to not tell them until they're 25?
Not with a JISA. There may be other more complex instruments like a trust if you specifically want it in their name and invested in the markets but I don't know of any.
If you're worried about handing it over to them you could keep an account in your name but earmarked for them so you maintain control. That make come with it's own issues for tax and estate purposes mind.
Ned Land
Winger
My eldest son spunked his JISA when he took control of it at 18. I started a junior SIPP for the youngest one.
Was he at least a bit regretful?
I don't want a jnr ISA. Want to keep it in our name so they spend it on car or something and not wasted.
Yes that wouldn't be a problem.
I'm starting my own sipp, probably in vanguard too(being saying this for last year
) so might make sense to just have one portal but separate products obviously.
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Ned Land
Winger
No mate, teenagers are psychopaths.
I’m hoping that now he’s in his early 20s that he uses any inheritance from my dad more wisely. If any £££ comes to me directly then I’ll offer to pay off some of his mortgage.
gazza.1990
Striker
My biggest fear with the JISA i have going for my daughter, shes not even 2 and its racked up a healthy amount so when she turns 18 theres going to be enough for a very good house deposit, but i massively fear she could be irresponsible with it, ive no idea why they cant create access 21yr old JISAs.
Ned Land
Winger
Your options include (blue sky thinking):
Hide the paperwork/correspondence when she’s 18.
Invest some of it in your own ISAs then gift it to her when she’s responsible.
Speak with her about finance when she’s older.
Select coaches
Striker
Was my biggest worry, luckily both mine used it for uni. If I’d known for sure I would have put more in.
Ned Land
Winger
I think that it was valued at c. £8k and apart from clothes etc. he must have put some of it to good use as he’s been living away from home for 5 years. I’m probably being unfair to him but 18 is still a young age to be responsible for large amounts of money.
arthursboy
Striker
Anyone got any recommendations for independent financial advisor in the Sunderland area please ?
I’ve asked the question on here about a SAYE shares from a company I work for has returned far in excess of what I expected and let’s be honest it’s how I get the max return paying the smallest amount of tax.
Got some really good advice for a couple of people but because of the returns it adds problems, nice ones to be fair.
It’s all very confusing and the answers seem to be with an ISA stock and shares or a flex ISA.
So I’d rather pay someone who knows the answer and I don’t get HMRC on my back later on requesting payments I should have made.
I’ve asked the question on here about a SAYE shares from a company I work for has returned far in excess of what I expected and let’s be honest it’s how I get the max return paying the smallest amount of tax.
Got some really good advice for a couple of people but because of the returns it adds problems, nice ones to be fair.
It’s all very confusing and the answers seem to be with an ISA stock and shares or a flex ISA.
So I’d rather pay someone who knows the answer and I don’t get HMRC on my back later on requesting payments I should have made.
Edinburgh Black Cat
Striker
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Read the bullet point number 3 - transfer to Flexible S&S ISA.
You can cycle the returns through a flexible S&S ISA and not be liable to any capital gains tax.
