Buying shares for my Godson
Discussion
It's my Godson's Christening this weekend, as a gift I would quite like to buy some shares for him (few hundred pounds of Gold etc).
Now I understand they probably can't go in his name, but what is the best way to do this, so that they go into his name at 18 or something? Should I just buy in my name and keep things simple?
Now I understand they probably can't go in his name, but what is the best way to do this, so that they go into his name at 18 or something? Should I just buy in my name and keep things simple?
Firstly what a nice Godfather you are ! You can buy shares in his name but an account needs to be opened on his behalf by one of his parents....ideally the one who is the lower rate tax payer.
You could also open a SIPP in his name then whatever you buy for your godson will get grossed up by HMRC at the basic rate of income tax...up to about £4k . I've opened SIPP's for both my kids though obviously they can't get the money at 18.
You could also open a SIPP in his name then whatever you buy for your godson will get grossed up by HMRC at the basic rate of income tax...up to about £4k . I've opened SIPP's for both my kids though obviously they can't get the money at 18.
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