The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Junior individual savings accounts (junior ISAs), introduced in November 2011, were designed to be an alternative to the child trust fund but without the Government contribution to the fund.
The main features of the junior ISA are that:
it is available to a child under 18 who does not have a child trust fund account
as with adult ISAs, there are two types of junior ISA accounts: (a) cash and (b) stocks and shares
funds placed in the account(s) are owned by the child and are locked in until the child reaches 18 years of age
the child is able to hold only one junior cash ISA account and one junior stocks and shares ISA account at any one time (although transfers between accounts are possible)
all income and gains within the account(s) are tax-free and losses will not be allowable for tax purposes
annual contributions are capped, with the 2020/21 junior ISA allowance being £9,000 (£4,368 for 2019/20)
This guidance note considers junior ISAs. For adult ISAs, see the Individual savings accounts guidance note.
The usual health warning applies here: you cannot give investment advice unless you are authorised to do so by the Financial Conduct Authority. You can tell your client about tax efficient investments but you must not recommend any based on his circumstances.
See the Regulated investment advice guidance note.
A child is an eligible child for the purposes of the junior ISA, if he was:
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