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 £9,000 (2020/2021).
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The money in the account can only be withdrawn before the child is 18 under two conditions:-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.
Read less
Value | Move | % |
FTSE 100 | ||
6588.53 | 105.1 ![]() |
1.621 ![]() |
FTSE 250 | ||
21221.46 | 311.092 ![]() |
1.488 ![]() |
FTSE 350 | ||
3781.7 | 59.43 ![]() |
1.597 ![]() |
FTSE All Shares | ||
3761.45 | 59.05 ![]() |
1.595 ![]() |
Dow Jones | ||
31535.51 | 603.141 ![]() |
1.95 ![]() |
Nasdaq | ||
13588.828 | 396.482 ![]() |
3.005 ![]() |
Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation and investment risks. ...
Read moreAll businesses are exposed to risks in their day-to-day operations. Without business insurance cover to provide protection against some of these risks, businesses would find it difficult... ...
Read moreIf you're over the age of 55, equity release offers you a way to use the value of your home to raise money. There is a range of equity release schemes available on the market offered by ...
Read moreProfessional Financial Planning is the process which aims to help you realise your ambitions - whatever they may be. As professional financial advisers we can help you make informed decisions ... ...
Read moreHealth Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious long-term financial implications for you and your family. ...
Read moreThis is an area of financial planning that is often overlooked. Traditionally, we have our buildings and contents insurance with our mortgage lenders, which may be uncompetitive ... ...
Read moreThe main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you. ...
Read moreMortgages are loans which are intended to help buyers purchase residential and commercial property. When an individual takes out a loan, the lender charges interest: the same is true of a mortgage. ...
Read moreWhen you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed ... ...
Read moreWhen someone talks about savings and saving money, it could be referring to a piggy bank or a high interest deposit account. Savings are effectively cash or cash instruments ... ...
Read moreMost of us face being taxed on our income, our capital gains, and in some circumstances the value of our estate when we die. Taxation can be very complicated and the rules, reliefs and allowances ... ...
Read moreCONTACT US
Parklands Financial Advisers
52 Pinbush Road
Lowestoft
Suffolk
NR33 7NQ
T: 01502 531 633
Email Us
The guidance provided within this website is subject to the uk regulatory regime and is therefore primarily targeted at consumers based in the UK.
Parklands Financial Advisers is Authorised and Regulated by the Financial Conduct Authority.
Parklands Financial Advisers is entered on the Financial Services Register (www.fca.org.uk/register) under reference: 710277.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4567.
Registered Address: Glebe House, Toad Row, Henstead, Beccles, Suffolk, NR34 7LG.
Registered in England & Wales under reference: 09625599.
© Copyright 2021 - Adviser Pro - All Rights Reserved
Design and Developed by Adviser Pro © 2021