A parent or grandparent would like to contribute towards a personal pension/stakeholder plan for their child or grandchild. Can they do this and get tax relief on the contribution?
From 6 April 2001 it is possible for children to have personal pension/stakeholder plans set up for them by their parent, grandparent or legal guardian. The contribution will be subject to the contribution limit applicable to the member. The payments made to the child’s personal pension/stakeholder plan will qualify for the addition of tax relief at the rate applicable to the child, as if the child had made the contribution themselves. The parent or grandparent is not entitled to any additional tax relief on these payments.
Related Questions
- A parent or grandparent would like to contribute towards a personal pension/stakeholder plan for their child or grandchild. Can they do this and get tax relief on the contribution?
- Do employers get tax relief on contributions they pay to a personal pension/stakeholder plan on behalf of their employees?
- How does an employee obtain basic rate tax relief under a personal pension/stakeholder plan?
