Another ISA option came into play last November when the Government announced that Tax-free savings accounts for children, known as Junior ISAs, would become available from providers for the first time. Experienced Independent Financial Advisors Enable of Bishops’s Stortford know how important it is to maximise your ISA options as part of your financial planning and tax efficiency. We all have worries at the moment about what kind of financial future our children are going to have to face. Junior ISA’s might provide some comfort.
About six million children are estimated to be eligible for the products, which cannot be cashed until they have reached the age of 18. The idea is that this option has been created for children who didn't qualify for a Child Trust Fund account which had included a voucher from the government to help kick-start the savings habit for families with children.
The Junior ISA allows you to invest up to £3,600 in the current tax year in a cash or stocks and shares Junior ISA, or a combination of both. Family or friends can pay money into a child's Junior Isa, run by banks, building societies and investment groups but only the child will be able to access the money and only from their 18th birthday.
If you have family and friends who what to play a part in investing for your child’s future Enable have many years of experience at maximising families tax efficiency and can help you formulate the best ISA savings plan for junior’s future.
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