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01/11/2011
Gov Announces Junior ISAs
Parents will be able to open a Junior ISA account for their children from Tuesday at a range of high street institutions, according to Financial Secretary to the Treasury Mark Hoban.
Around six million children will immediately be eligible for a Junior ISA, with a further 800,000 children benefiting each following year, the Government said. All children under 18 who are UK residents and do not have a Child Trust Fund (CTF) will be eligible for a Junior ISA.
Mr Hoban said the limit for Junior ISAs would be £3,600. To ensure that children with a CTF are not disadvantaged he also confirmed that, from today, the CTF savings limit will treble from £1,200 to £3,600, aligning it with the new Junior ISA limit.
Mark Hoban said: "The launch of Junior ISAs is a clear demonstration of the Government’s commitment to encourage saving for children. Junior ISAs will be open to all parents, regardless of income. This, together with changes made to Child Trust Funds, mean that parents can save up to £3,600 per year for their child.”
Funds in a Junior ISA will be locked-in until age 18 and roll over into an adult ISA on maturity, meaning that the accounts will help to foster a long-term savings habit among young people.
There are two types of Junior ISA - A cash Junior ISA and an Investment Junior ISA (Stocks and shares Junior ISA) and each child will be able to hold one of each account with different providers should they wish but the total combined investment allowance between the two accounts remains at £3600 per tax year.
The same limitations, benefits and rules that apply to a regular ISA also apply to a Junior ISA’s for children.
(DW)
Around six million children will immediately be eligible for a Junior ISA, with a further 800,000 children benefiting each following year, the Government said. All children under 18 who are UK residents and do not have a Child Trust Fund (CTF) will be eligible for a Junior ISA.
Mr Hoban said the limit for Junior ISAs would be £3,600. To ensure that children with a CTF are not disadvantaged he also confirmed that, from today, the CTF savings limit will treble from £1,200 to £3,600, aligning it with the new Junior ISA limit.
Mark Hoban said: "The launch of Junior ISAs is a clear demonstration of the Government’s commitment to encourage saving for children. Junior ISAs will be open to all parents, regardless of income. This, together with changes made to Child Trust Funds, mean that parents can save up to £3,600 per year for their child.”
Funds in a Junior ISA will be locked-in until age 18 and roll over into an adult ISA on maturity, meaning that the accounts will help to foster a long-term savings habit among young people.
There are two types of Junior ISA - A cash Junior ISA and an Investment Junior ISA (Stocks and shares Junior ISA) and each child will be able to hold one of each account with different providers should they wish but the total combined investment allowance between the two accounts remains at £3600 per tax year.
The same limitations, benefits and rules that apply to a regular ISA also apply to a Junior ISA’s for children.
(DW)
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