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  • Junior ISAs

Junior ISAs

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

  • are under 18
  • live in the UK
  • have not invested in a Child Trust Fund account.

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The money in the account can only be withdrawn before the child is 18 under two conditions:-

  • The child is terminally ill, in which case the 'registered contact' can take the money out
  • The child dies, in which case the money will be paid to the person who inherits the child's estate.

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.

Company address: TB Asset Management, Cambridge House, 16 High Street, Saffron Walden, Essex, CB10 1AX
T: 01799 525407 F: 01799 516355 Email: info@tbassetmanagement.co.uk

TB Asset Management is a trading style of ADMS Asset Management Ltd. ADMS Asset Management Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (www.fca.org.uk/register) under reference 569871.

Registered in England. Company No 7781731. Directors: David Smith and Andrew McKay

Registered address: Cambridge House, 16 High Street, Saffron Walden, Essex CB10 1AX
Tel: 01799 525407 - Fax: 01799 516355 - Email: info@tbassetmanagement.co.uk

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we may be obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: http://financial-ombudsman.org.uk

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