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Post Info TOPIC: Share trading Income on behalf of children


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Share trading Income on behalf of children
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Hi

 

Not sure if this post is in the correct section so apologies in advance if its not

 

Both my children have £20k in a deposit account earning nothing much

 

I have around £80k of my own invested in shares and average around 10% profit a year on this ie £8K

 

Can I use my children funds and increase this stake to £120k and then any profit be put back to my children in the relevant percentage so that it is not taxed as my income

 

My stake          £80k

Child 1             £20k

Child 2             £20k

Total                £120k             

 

at 10% profit =  £12k

 

Split

My profit liable to tax - £8k

Child 1 income          £2k

Child 2 income          £2k

 

Do I need a trust of some sort to do this and will they have to pay tax

 

I know I could set up a separate trading account in each of their names but then I have to pay per trade and if buying the same share, this will increase my costs

 

Any help appreciated

 

MT



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