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Bid to help children make a flying start

The Scottish Investment Trust has set up a scheme for children that, unlike the child trust fund, allows access to investments at any time.

Stockplan: A Flying Start is offered by SIT Savings, a subsidiary of the Scottish Investment Trust. It is a long-term investment vehicle but its flexibility is designed to help parents fund expenses before the child is 18.

There is no investment limit to the fund and no initial or annual management charges. The child trust fund is capped at 1,200 a year.

Research conducted by SIT shows that 63 per cent of parents realise they need to save more regularly to meet education costs for their children.

Swallow Financial Planning partner Marc Ruse says: “This product might be particularly attractive to grandparents looking to invest for their grandchildren as part of structured inheritance tax planning.”

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