Lycetts Financial Services

Junior Individual Savings Accounts (JISAs)

Junior ISAs became available to any child born on or after 3rd January 2011 and any child under the age of 18 born before September 2002. Here at Lycetts, you can find expert advice about these savings accounts.

JISAs replaced child trust funds, which can still be contributed to instead of a JISA or transferred to a JISA. Contributions cannot be made to a child trust fund and a JISA concurrently: it has to be one or the other.

 

As can be seen below, JISAs replicate a number of features of the Adult ISA but also contain one or two special benefits:

• There are two types of JISA: cash junior ISAs and investment (stocks and shares) JISAs. Each child is able to hold one of each with different providers.

• For 2015/16 tax year, JISAs are subject to a subscription limit of £4,080.

• Once money is deposited in a junior ISA, it is free of income tax and capital gains tax.

• You can transfer between the cash and the stocks and shares junior ISAs, as well as between providers.

• Decisions on where and when to invest ISA contributions are made by the child’s parents but the account is held in the child’s name. Management of the account will pass onto the child once they reach 16 years of age but the money must remain ring- fenced for the child until they are 18. No withdrawals are permitted before age 18 except in the event of terminal illness or death.

• Once the child has reached 18, they are then able to withdraw the funds without losing any tax benefits.

• Alternatively, on attaining age 18, a JISA can instead be rolled over into an Adult ISA.

• Once parents open a Junior ISA for their child, anyone is able to make a contribution to it, subject to the overall annual subscription limit.

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Christopher Booth

Newcastle

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