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Home    Junior ISAs

Related Topics

  • Introduction to Savings & Investments
  • Unit Trusts
  • OEICs
  • Offshore Collectives
  • National Savings Products
  • ISAs
  • Investment Trusts
  • Equities
  • Fixed Interest Investments
  • Collectives
  • Capital Investment Bonds
  • With-profits

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
  • are not entitled to 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 £4,368 (2019/2020).

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The money in the account can only be withdrawn before the child is 18 under two conditions:-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

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
  • are not entitled to 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 £4,368 (2019/2020).

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.

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Registered Office: Regency House, Mere Park, Dedmere Road, Marlow, Buckinghamshire. SL7 1FJ
Registered in: England

RBS Associates is authorised and regulated by the Financial Conduct Authority.

RBS Associates is entered on the Financial Services Register (www.fca.org.uk/register) under reference 457658.

The Financial Conduct Authority does not regulate all forms of the products or services we provide.

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

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