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Saving for the kids?

It’s the time of year for renewing those Student Loan applications and Enable’s IFA’s in Bishop’s Stortford know that parents who want to be in a position to help their children enter adulthood with sound financial footing; such as help with University fees, a first car or money towards a first home deposit, what ever their requirement it’s best to plan.

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Supporting the next generation can seem a bit daunting but with a few simple steps you can begin to make a difference.  There are a range of children’s savings plans with minimum investments from as little as £25 per month an affordable, tax-efficient way to build a savings pot for your little ones. If you start early and get time on your side, then as your children grow so can their savings and your peace of mind.

Full flexibility can be part of some plans, unlike the Junior ISA and Child Trust Fund (CTF), you can decide when you gift the money to the child and if you set the plan up in your name or the child’s. In these kinds of schemes you can also make withdrawals related to the child, ideal for childcare costs, school trip funds or even school fees. Some schemes have no investment limit, so you can maximise the tax allowances available to your children by investing up to the maximum limits in the like of Junior ISA and any additional contributions could then be invested into a Children’s Investment Plan.

These can also maximise your inheritance tax advantages – Grandparents who are saving for their grandchildren can reduce their inheritance tax (IHT) liability as sums gifted to the child are free of IHT if the donor survives for seven years after making the gift. It is good to talk through your plans with an IFA as with many investment plans there are risks as well as rewards.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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