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 and 2021/22 junior ISA allowance being £9,000
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 their circumstances.
See the Regulated investment advice guidance note.
A child is an eligible child for the purposes of th
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Time for paymentTwo statutory rules apply on death:•tax is ‘due’ six months after the end of the month of death and carries interest from the ‘due’ date until paidThere is a possibility of payment by instalments, but this applies to certain types of property only ― see the ‘Availability of
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
The rent-a-room scheme was introduced in the early 1990s to encourage homeowners to take in lodgers.Fundamentally, the rent-a-room scheme is a relief which means that the rent received by an individual from a lodger (up to a prescribed limit) can be exempt from income tax. If the gross rents are
This guidance note provides an overview of the steps businesses need to take if aspects of their business change, and as a result, they need to notify HMRC about the change.Changes to name and / or addressIf a business changes its name and / or its address then it is required to notify HMRC of the
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.