The answer is no; however, there are a few exceptions when you will have to pay tax. Most often referred to as the £100 rule, this is where if the interest or other income earned on a children’s savings account that contains funds supplied by a parent exceeds £100 a year (or £200 if both parents have gifted the money), all this income will be added to your income and taxed as if it were your own, not just the amounts over £100.