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020 8732 5411
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020 8732 5411
Individual Savings Accounts for children or Junior ISAs were introduced in November 2011 replacing Child Trust Funds. They are long term, tax-free savings accounts for children who
A child cannot have a Junior ISA as well as a Child Trust Fund account, however, a Junior ISA can be opened and the trust fund transferred into it.
There are two types of Junior ISA, a cash Junior ISA and a stocks and shares Junior ISA and a child can have one or both types at any one time but the total annual amount which can be paid into either or both combined (if they have both) is £4,260.
If the child is under 16 the account must be opened by someone with parental responsibility, e.g. a parent or step-parent, who then becomes the 'registered contact' and the only one who can change the account or provider. They should also keep all paperwork and report on any change of circumstances.
Anyone can put money into the account (providing the annual limit is not exceeded) but only the child can take it out and only then when they are 18. If they choose not to take it out or invest it in a different type of account then the Junior ISA will automatically become an adult ISA.
The money in the account can only be withdrawn before the child is 18 under two conditions:-
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.
THE VALUE OF INVESTMENTS AND THE INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.
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Chancery Wall Financial Services Ltd
Devonshire House
582 Honeypot Lane
Stanmore
Middlesex
HA7 1JS
T: 020 8732 5411
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Chancery Wall Financial Services Limited is registered in England & Wales No. 08099223.
Chancery Wall Future Planning Limited is registered in England & Wales No. 08592583.
Registered Offices at Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex HA7 1JS.
Chancery Wall Financial Services Limited is authorised and regulated by the Financial Conduct Authority No. 587655.
Estate, Trust Planning and the provision of Wills are not regulated by the Financial Conduct Authority.
The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.
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