Share Dealing Account - Kids

[Cheib]

Does anyone have a recommendation for a share dealing account for kids. I have gifted some shares to my kids which are in a listed company...I want to sell some for them and be able to buy other shares for them (diversity a bit basically). They already have SIPP’s and JISA’s but the provider doesn’t have the account I am looking for.

HL have on but it’s in the form of a Bare Trust which i am not sure is ideal but may be the best option.

[oldaudi]

I have the HL account for my two daughters, 10 and 13 now. When they were born we used the option of the cash CTF. A Junior ISA was not available at the time. So we have a cash account in the CTF. I opened a SIPP with HL for them and they have had for years a Stocks and Shares Fund account In Trust with HL. I pay in monthly into some Funds and I also buy and sell shares for them in this account. You can manage it all alongside any of your accounts if you have HL. Yes others will say that the account is expensive to run and maybe not the best answer but I have 7 accounts with HL (my ISA, stocks and shares fund and my SIPP and two each for the kids) and I get along just fine with it. The only thing I think you need to be aware of as a parent is the the tax on income into the account. With income or reinvested dividends it doesn’t take long to get there and will count as income for you. They’ve both just had their 10 Year Child Bond Mature with Scottish Friendly and I’ve put it into their stocks and shares accounts.... not sure where to put the cash yet though. Any ideas?

Edited by oldaudi on Sunday 10th November 17:14

[Cheib]

Good point about the tax....I need to look into it, Whilst they own these shares I have to pay income tax on the dividends but wouldn’t have the same treatment if they sold them to buy other shares or at least that’s what I have been told!

[cloud_dog]

Is the JISA a S&S version? If it is why not just use that account?

[Cheib]

JISA is a S&S account but the shares are worth more than the amount in the JISA so that’s not an option unfortunately.