Switching your child trust fund account to a junior ISA
From April you should be able to transfer your child trust fund to a junior ISA if you want to. Should you?
The rules are due to change from April 6th so that parents will be able to transfer child trust funds into junior ISA accounts. Why would you want to? One reason is that some junior ISAs pay higher interest (if they are cash) or have lower charges (if they invest in stocks and shares) than a similar child trust fund would. What do you need to know?
Child benefit changes; if you or your partner earns over £50,000 a year, what should you do?
Households where one partner earns £50,000 or more will have to pay extra tax or give up child benefit.
From January 2013, if you or your partner earns over £50,000 a year and you live together, you aren't entitled to the full rate of child benefit. Instead some or all of the child benefit will be clawed back through a tax charge. Alternatively, you can opt not to receive child benefit. Once you earn £60,000 or more, the tax charge will be the same as the child benefit.
The government plans to give working parents help with childcare costs
The childcare tax break would be worth up to £2,000 a year per child - but only from autumn of 2015
The government wants to introduce a tax break to help with childcare costs, which could be worth up to £2,000 for each child, per year. That’s the good news. The bad news is that it won’t come in until the autumn of 2015. It will initially be available to children aged up to five, but will be available to under 12s within a year of that roll-out. How will it work and how will you be able to claim it?