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UK children's trust/shares?

I am a US citizen but have 6 British grandchildren in London. I had some US stock accounts for them but was forced to close them down due to some new anti-terrorism legislation here requiring foreigners to get tax id's---which I tried 3 times to do in the last 16 months without success.

Can British children own stock in British companies---say shares of BP? If not, any ideas about some sort of trust/isa for children---ages 0 to 15?

Thanks, Phil

Reply to
Phil Childress
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If the parents are UK resident, then AIUI, much of the 'normal' 'saving for children' stuff should apply - accounts in the parent's name, with the child's initials, etc.

I guess the grandchildren are too old to have CTFs, but many providers have similar schemes for older children.

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Ignore the saving accounts bit, follow the Shares (non-stakeholder) link and you might find some FinCos that do what you're after - F&C do stuff in their ITs at one end, and squaregain.co.uk appear to do a self-select CTF dealing account. For extra flavour, you could open a stakeholder pension for them and get

22% tax relief credited into it, but they can't get the dosh 'til they are at least 50 ;->

Disclaimer: I'm named on a CTF for a one-year old child in an IT that's trading at 368 pence - in 1982 it was 18 pence (donno exactly what the divis have been since then)

rgds, Alan

Reply to
Alan Frame

I agree: Investing in a self-select or unit trust CTF that a parent/guardian has opened is the best method for younger children. Squaregain is the cheapest for this, I think.

For older children or if a CTF has been opened that can't take ITs or UTs I'd also agree that an investment trust saving scheme might be the best bet. I don't know what the restriction are on these for non-residents, but I'd take a look at the saving schemes for some of the Henderson, JPMorgan or F&C trusts as well as individual trusts such as British Empire Securities, RIT Capital partners etc. These saving schemes can be designated for a child by adding their initials to the appropraite bit of the application form. If US residents aren't eligible then you should be able to get their parents/guardian to open it for you - as log as you can transfer the money easily.

Thom

Reply to
Thom

Alliance Trust is another good value for money wrapper -

As for investments, higher income investments (say dividend yield of

1.5 times the FTSE All Share ie approx 4.5%) have traditionally consistently beaten other types of investment and exchange traded funds (ETF) avoid rip-off manager fees. Consider the iShares FTSE UK Dividend Plus ETF

Daytona

Reply to
Daytona

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