A stern warning from Martin Lewis
Martin Lewis made a surprising revelation on the Martin Lewis Money Show on Tuesday night as he told his audience - much to their shock - that there is a maximum amount you can give your kids before you start running into trouble.
But at any age, a child's earnings are subject to tax, and as such, any gifts of money you give them are as well. "Now why is this done? Well it's easy, it's so you don't stash all your money in your kid's name and use their tax-free allowance as an easy tax loophole." Martin suggested that a Junior ISA is useful because it gives you tax-free savings for your kids for up to £9,000 per year.
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