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CTF question again!!!!

(7 Posts)
megandsoph Mon 07-Mar-05 09:49:17

Does anyone else have 2 children or more where one was born in 2001 and the other born in 2002 after the CTF qualifying age... I'm not sure what i'm gonna do as I don't think it's fair on DD1 that she gets some money and the other doesn't I have decided that i'm going to split it and any money that goes in the account over the years will be for both of them.... has anyone else had this issue and if so what are ur plans to make it fair between the lil ones????

hope that makes sense

Clarey
xxx

throckenholt Mon 07-Mar-05 09:54:07

you can't do that because the account belongs to the chhild not you. When they are 18 they get the money and you have no say on what they do with it (technically at least).

megandsoph Mon 07-Mar-05 13:45:01

no I know that i can't put it in both their names but out of principal as I can't afford to deposit the same ammount for DD1 at the mo in a different account so what I will do is the money that I put in that savings account wether the account is just in DD2's name or not the money will get split between the two when they are 18 I'm talking about just setting the one account up in DD2's name but I will put money in for both of them equal.

throckenholt Mon 07-Mar-05 13:49:30

that may be what you intend - but will your DD2 agree to give up half of what is "hers" - technically at least regardless of what you intend - when she is 18. That is the problem - the money in the account is not yours it is hers - to do with as she likes.

If you want to do what you say then set up another acocunt and split that, and just put the £250 voucher in a savings CTF account and forget about it.

throckenholt Mon 07-Mar-05 13:50:19

that should be account not something that looks like a coconut - must remember to preview

megandsoph Mon 07-Mar-05 13:53:08

hmmmmm aye LOL thinking about it I agree can just imagine the wee monkey saying I don't think so to her sister when the situation comes up ahhhhh pooh... Will just have to get them both seperate ones ur right thanks for making me see the error of my ways LOL

ladymuck Mon 07-Mar-05 13:59:48

We have separate accounts for each, though we will probably start making contributions to the youngest one through the CTF fund - at least for a while. I do feel uncomfortable with them having so much control over the money at 18 (my current accounts are in trust for them until they are 21), but the fact that the interest cannot be imputed to me for tax purposes is a useful feature of the CTF - currently I have to ensure that their money is invested in capital growth funds to minimise the annual income.

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