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Guide to Junior Isas

Published by FTAdviser | Mar 07, 2012

Junior Isas are a new bit of kit for an IFA’s toolbag but should be considered carefully at a time when university fees soar and inflation eats into the value of cash.

This guide tackles how to select a Junior Isa, what are the pros and cons of alternative savings schemes and the access offered to the account.

Answers contributed by Keith Evins, head of UK marketing of JP Morgan Asset Management, and Peter Shipp, director of investment schemes for Tax Incentivised Savings Association (Tisa).

  1. Q: What is a Junior Isa?

    A Junior Isa is a tax-efficient savings account for all UK resident children who are aged less than 18 who do not have a child trust fund (CTF).

  2. Q: What are the pros and cons of Junior Isas?

    Cash Junior Isas offer a tax efficient way of saving.

  3. Q: How many Junior Isas can a child have?

    Each child is able to have one Cash and one Stocks & Shares Junior Isa for the lifetime of Junior Isas.

  4. Q: What are the alternatives to a Junior Isa?

    Investors can open an assigned investment account.

  5. Q: How can I research Junior Isas?

    Information is available from various sources, particularly websites including HM Revenue & Customs.

  6. Q: Who controls a Junior Isa?

    Money cannot be withdrawn from a Junior Isa until the child reaches the age of 18 unless in the case of terminal illness or death.

  7. Q: Can I switch from child savings into a Junior Isa?

    You cannot switch cash from a child trust fund, according to Keith Evins, head of UK marketing of JP Morgan Asset Management.

  8. Q: Can cash be transferred between Junior Isas?

    The whole of a Cash Jisa must be transferred to another authorised Cash or Stocks & Shares Jisa manager, if the parent (registered contact) so...

  9. Q: How can I pick the right Junior Isa?

    Investing via a Junior Isa on an investment platform will offer you and your client the best investment options, according to Keith Evins, head of...

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