Invest in Their Future ; Save for Your Family's Future and Profit From Tax Rules. Lorna Bourke Shows You How
Evening Standard - London › February 25, 2009
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Summary
WITH mortgage lenders demanding that first-time buyers put down a deposit of 25 per cent and today's graduates leaving university with debts of up to Pounds 25,000, the chances of young people being able to afford to save for a pension are pretty remote.
With interest rates for cash on deposit at one per cent or less there is little incentive to save. But if you have spare cash, now is the time to consider investing for a child or grandchild's future -- and there are tax breaks for doing so. If you put money into a stakeholder pension for a child, you can invest up to Pounds 3,600 a year -- and get tax relief at your highest rate on the investment.See the full content of this document
Extract
Invest in Their Future ; Save for Your Family's Future and Profit From Tax Rules. Lorna Bourke Shows You How
Avoid Inheritance Tax
Whether the money is in a regular savings plan, a Child Trust Fund, a unit trust regular savings scheme to pay school fees or a stakeholder pension, it is immediately outside your estate for the purposes of Inheritance Tax (IHT)."Stakeholder pensions taken out by grandparents have generated a lot of interest," says Ma...See the full content of this document
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