childs compensation claim

tramoreman77

my son was awarded an amount of money but it has yet to go to court for the judge to sign off on it,can anyone tell me about where the money goes and will it get interest as hes still young and cant get it till hes 18 ,im just wondering if i have the right to ask for it to be put in an interest account till hes 18

Ken.

My brother had a similar situation about 25 years ago. The money is administered by the clerk of the court till the child is 18. Before the 18th birthday the parent(s) can ask that the money not be paid out till 21st birthday. My mother done this as my brother was very immature and would have blown it.

tramoreman77

does the amount gain interest or what happens to it

Ken.

It does but the most basic of interest. My brother was awarded £5000 in 1986/7 and when he got it in 2008 it was just over £6000 or €7400.

tramoreman77

thanks for ur help ful replies

Nekarsulm

I was awarded money when I was 11, our car had been hit by a drunk driver. Money was put into an ICS savings account, until I reached 18. Interest accrued as normal. Can't remember if it was administered by the Court clerk, or our Solicitor

tramoreman77

ohh right,so when the child reaches 18,does he have to apply to the court himself or the person that claimed for him ?who recieves the money

Ken.

My mother contacted the solicitor and he told her to go with my brother to the court house with his birth cert. They took a photocopy and a few weeks later the cheque arrived made out to my brother.

tramoreman77

okay thanks for your help

The_Minister

It is possible to apply in certain circumstances to access the money prior to the child turning 18, where it is to be applied for the benefit of the child (paying for private school etc)

Pro Hoc Vice

The_Minister wrote: »

It is possible to apply in certain circumstances to access the money prior to the child turning 18, where it is to be applied for the benefit of the child (paying for private school etc)

Yes.

tramoreman77

okay thanks,is it possible to apply on the day of the court settlement for a small some to be allocated for future payments in regaurd to school fees ,im talking 2/3 thousand euro

nuac

tramoreman77 wrote: »

okay thanks,is it possible to apply on the day of the court settlement for a small some to be allocated for future payments in regaurd to school fees ,im talking 2/3 thousand euro

It is. talk to your solicitorI

UrbanFox

Is there any tax liability on the interest earned on the money on deposit ?

If so, who is liable for it ?

CIARAN_BOYLE

UrbanFox wrote: »

Is there any tax liability on the interest earned on the money on deposit ?

If so, who is liable for it ?

I believe that DIRT is deducted at source.