HC Deb 17 May 1978 vol 950 c229W
Mr. Newton

asked the Chancellor of the Exchequer whether income produced by the investment of payments to be made in respect of vaccine damage will, where the payment is made in respect of a child, be treated as the income of the child or the income of the parents; and whether such income will be subject to the investment income surcharge.

Mr. Robert Sheldon

, pursuant to his reply [Official Report, 15th May 1978; Vol. 950, c. 69], gave the following information:

If, as would normally be the case, the payment is invested in the child's name, or in the names of the parents or other trustees for him, the income arising will be income of the child for tax purposes. It will be treated as investment income, but unless the child has substantial investment income from other sources there will be no liability to the investment income surcharge.