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interest on youth account tax
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I have small savings accounts for my granddaughters with Barclays (less than �500) Only occasional small amounts are added and previously no tax has been deducted from the interest. Recently one of them had 20% deduction for tax of 17 year old full time student. Is this because of her age? and if so is there a better, accessible place to save this money and is this tax unavoidable please?
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For more on marking an answer as the "Best Answer", please visit our FAQ.You can avoid paying the tax by filling in a form (R85 from memory) and giving it to the bank. You can get the form from the bank.
The deduction is probably due to the account becoming an 'adult' one. If you signed one of these forms when you opened the account, the responsibility has now become your granddaughter's.
The deduction is probably due to the account becoming an 'adult' one. If you signed one of these forms when you opened the account, the responsibility has now become your granddaughter's.
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