C
This is not totally accurate.- i know loopholes such as covenants have been closed off
Hi
Given that the pension situation that will face people in 50 or so years time is going to be pretty scary, I'm thinking of starting a pension for my son - probably with just a nominal amount going in that he can assume control of when he starts working. Any advice on the following:
- can a 14 year old open a pension in their own right?
- would a direct debit from my bank account to same be permissable and are their any (positive or negative) tax implications for me?
- i know loopholes such as covenants have been closed off but in terms of giving him some sort of start on this road, is there a more efficient way i could go about this?
Ta
Hi
Given that the pension situation that will face people in 50 or so years time is going to be pretty scary, I'm thinking of starting a pension for my son - probably with just a nominal amount going in that he can assume control of when he starts working. Any advice on the following:
- can a 14 year old open a pension in their own right?
- would a direct debit from my bank account to same be permissable and are their any (positive or negative) tax implications for me?
- i know loopholes such as covenants have been closed off but in terms of giving him some sort of start on this road, is there a more efficient way i could go about this?
Ta
Is this correct? Surely he cannot claim tax relief on funds that are transferred but are not from income?there by he would get tax relief when he starts working once he transfers the fund into his pension?
Is this correct? Surely he cannot claim tax relief on funds that are transferred but are not from income?
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