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how can a grand parent gift money to a child lives in france?

amrita
by amrita 21 September 2010  |  Comments 3 comments  |  Love Love  0 loves

our grand father would like to open an account and give some money to the one of his grandchild who resides in france, when we looked at options such as childrens bonus bonds and premium bonds, it requires letters from the tax office in france, proof of identification of the parents and so on. is there any saving product which is easy to open, so that our old man can give some money.

thanks for reading this question and hope any one can assist me on this.

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Comments (3)

  • MikeGG1
    Love rating 879
    MikeGG1 posted

    The parents IDs should only be needed if the account is in their name(s). I would suggest a Bare Trust with the account in the Grandparent(s) name(s) re: Child's Name.

    That way the Grandparent(s) would need to open the account and operate it with their ID and the child's birth certificate.

    Tax relief is a seperate issue. If it was a tax-free account (NS&I) then there would be no problem. If a taxed account, it would be the child's income under UK law and subject to completion of form R85 would be tax-free. I can't help with regard to French taxation policy.

    Mike

    Posted on 21 September 2010 | Love Love  0 loves Report
  • amrita
    Love rating 0
    amrita posted

    Overuse of uppercase will be tamed (you can edit your comment to prevent this):

    thank you very much.

    how do i go about opening a bare trust and what does it mean?

    And now here are some pictures to help lighten the mood

    Posted on 21 September 2010 | Love Love  0 loves Report
  • MikeGG1
    Love rating 879
    MikeGG1 posted

    You just open the account with your name(s) as the account holder and the child's name or just initials in the trust box of the form.

    That is then a bare trust. It is a trust without any documentation.

    Mike

    Posted on 21 September 2010 | Love Love  0 loves Report

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