Hi,
I have been putting in €3000 per year into a bank account for my 16 year old and to date there is approx €12,000 in it. As far as I know, a minor is not allowed to hold an investment account in their own name. I am thinking about opening up a Trade Republic account and moving the €12000 there with the purpose of purchasing an ETF. If his name cannot be on the account, how do I prove to Revenue that the money held there is a for him and it is an accumulation of a gift of €3000 annually and should be allowed the gift tax exemption.
He will be 18 in 2.5 years so should I continue with the bank account (or at least find one with the best interest rate) if it is the option with the least hassle.
Thank you.
I have been putting in €3000 per year into a bank account for my 16 year old and to date there is approx €12,000 in it. As far as I know, a minor is not allowed to hold an investment account in their own name. I am thinking about opening up a Trade Republic account and moving the €12000 there with the purpose of purchasing an ETF. If his name cannot be on the account, how do I prove to Revenue that the money held there is a for him and it is an accumulation of a gift of €3000 annually and should be allowed the gift tax exemption.
He will be 18 in 2.5 years so should I continue with the bank account (or at least find one with the best interest rate) if it is the option with the least hassle.
Thank you.
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