I think I'm right that you are allowed to save up to £5000 in an account for a child without it being taxable? What happens if you reach the £5000 limit in a children's bank account to the interest? And does the interest then make the account liable to tax? And will the bank take the tax off automatically? And what if you also had another savings schemes for the same child like a long term investment thing where you put £25 a month in till the child is 18. Do you have to declare this? And who to? Very confused.
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