As a grandparent, you always want the best for your family.
In the current financial climate, it’s difficult to predict what life has in store! The Scottish Friendly Grandchild Flexible Plan is a straight-forward investment plan which enables you to put a little bit away every month to save for your grandchild’s future, using their tax-free savings allowance to give them a head start in life.
The Grandchild Flexible Plan can make a real difference, as it enables you to use your grandchild’s tax-free savings allowance for a maximum of 18 years by investing £25 a month. Your grandchild won’t pay tax on the growth of the investment (other than tax on dividends from UK shares), and after ten years it can be cashed in without incurring a charge. Tax treatment depends on their individual circumstances and tax law may change in future.
The plan is the property of the grandchild, not the parents or the grandparents. Please note that as with any stock market investment, the value of your investment can go down as well as up and your grandchild could get back less than you have paid in.
Flexibility is built in, allowing the plan to be cashed in early. However, if the plan value is accessed before 10 years the grandchild may have a tax charge to pay and there will be a £50 deduction from the cash-in value.
You can take out a Grandchild Flexible Plan for a grandchild currently aged under 16 and who is a UK resident.
Finally, as our welcome gift to you, we’ll send you a £25 M&S gift voucher or £25 High Street voucher when you start investing.
Would you like to know more? Pop on over to the Scottish Friendly website for further details.