Granting gift of shares for Kids

Upthekingdom2

I would like to know how I can purchaes shares for kids to the value of €3000 each year.
Do I buy them in joint names with myself or can I buy in a minors name?

In relation to the declaration of the dividend income how is this administered for a minor?

Many thanks

CIARAN_BOYLE

Buying shares justs makes it complicated legally. I think you need to set up a trust for which is the beneficiary and appoint yourself as trustee and buy shares in the trust's name and file tax returns for the trust. 
Can you give prize bonds or something?

Upthekingdom2

CIARAN_BOYLE wrote: »

Buying shares justs makes it complicated legally. I think you need to set up a trust for which is the beneficiary and appoint yourself as trustee and buy shares in the trust's name and file tax returns for the trust. 
Can you give prize bonds or something?

Thank you Ciaran.

I wanted to leave something more meaningful that have some potential to go up such as property or shares.

The trust is goos. Would it be expensive to set up and administer?

listermint

Upthekingdom2 wrote: »

Thank you Ciaran.

I wanted to leave something more meaningful that have some potential to go up such as property or shares.

The trust is goos. Would it be expensive to set up and administer?

Or down .... ....

CIARAN_BOYLE

Upthekingdom2 wrote: »

Thank you Ciaran.

I wanted to leave something more meaningful that have some potential to go up such as property or shares.

The trust is goos. Would it be expensive to set up and administer?

Off the top of my head a professional firm (one I worked with until December, shop around your experience may vary) may charge €600 to set up the trust and another €400-600 depending on transaction volume per annum to do the required tax returns. IE too much given that you are limiting your investment to a €3000 per annum tax free gift.

Upthekingdom2

CIARAN_BOYLE wrote: »

Off the top of my head a professional firm (one I worked with until December, shop around your experience may vary) may charge €600 to set up the trust and another €400-600 depending on transaction volume per annum to do the required tax returns. IE too much given that you are limiting your investment to a €3000 per annum tax free gift.

Thank you Ciaran.
I would propose to make the gift annually but that type of cost would be high considering the minimal amount i woild be putting in.

What would the annual costs be. Taxation returns? The portfolio would be minimal, say 2-5 stocks.

Thanks.

CIARAN_BOYLE

Upthekingdom2 wrote: »

Thank you Ciaran.
I would propose to make the gift annually but that type of cost would be high considering the minimal amount i woild be putting in.

What would the annual costs be. Taxation returns? The portfolio would be minimal, say 2-5 stocks.

Thanks.

The tax returns would cost €400. Few professional firms would prepare a return for less. It's still a return no matter how small the portfolio is.

You could probably prepare the return yourself or allow a professional to prepare one for you and you could follow his workings for the next year.