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Yes agreed but I suppose I was thinking about how the indirect implications of your plan might look, in that by placing the money in that non-taxable environment for your benefit and in excess of the benefit which the law entitles you to as an individual, you are avoiding the alternative which would be to place the money in an investment which would potentially be subject to tax hence why HMRC could view it as improper
user116219
@Greenbank
Premium Bonds have no interest. The prizes are tax-free.
I think cjr was referring to other investments which do pay taxable interest and, as you say, the legality of [investing your own money in a child's name] is questionable.
There is a question of ownership of the money you put in a child's account. Something similar came up on the MSE forums: https://forums.moneysavingexpert.com/discussion/6369801/bank-need-meeting-to-transfer-money/p1
If this became a problem (e.g. child gets a big win on PBs) then it'll be a nice problem to have. Otherwise I've removed non-insignificant chunks of cash from her PB account (e.g. £1200 to pay for a school ski trip) in the past without any questions. She could, of course, decide to use some of the money to pay off some/all of the mortgage of the house she's going to inherit anyway.