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Children's inheritance going via my bank account

(4 Posts)
Snorbs Sun 04-Nov-12 17:25:04

My two DCs have inherited £10K each from a great aunt. I am looking into the options for investing this. The cheque has been made out in my name and the money will likely be in my bank account for a few weeks while I sort out where the money should end up.

My question is, will this have any tax implications for me? I'm a PAYE employee if that makes any difference.

Thanks!

BigBoobiedBertha Sun 04-Nov-12 17:27:46

Shouldn't think so. You aren't going to be getting much interest on it, if any so it won't be earning you any income.

EIizaDay Sun 04-Nov-12 17:33:50

'A few weeks'. Tax implications on that amount for that amount of time are not worth worrying about.

You will be found out, however, if you forget to transfer the money to the rightful recipients.

Snorbs Sun 04-Nov-12 18:08:12

Great. Thanks!

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