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5 Things You Should Know About Junior ISAs

Just two months before the scheduled end of the Child Trust Fund, the government announced plans to introduce a Junior ISA – which some have called a CTF in all but name. Though budgeting considerations meant some cuts to the CTF scheme were unavoidable, the Treasury noted an “appetite for families to have a clear, simple and tax-free savings option for their children”, and so the Junior ISA was conceived.

What are the main features of the new children’s savings scheme?

5. They are tax-free

Like with normal adult ISAs, any returns from the new Junior ISAs are tax-free up to the annual limit. This was, of course, also the case with the CTF, and this tax wrapper element was the pivotal reason many (successfully) campaigned to keep at least the basic structure of the scheme.

4. There will be no government contributions

The crucial difference between CTFs and Junior ISAs is the lack of any government contribution. Previously, every newborn would receive a £250 CTF voucher and a further one at age 7 (this was recently reduced to £50). If the initial voucher was not invested in a CTF within 12 months, a fund would be opened automatically, meaning the vouchers ensured every child had a CTF in their name.

Now, without this encouragement, parents will have to take the initiative to open a Junior ISA themselves. By preserving the basic structure of the CTF to make the Junior ISA but removing voucher payments, the government will save more than £500 million per year.

3. There is a £3,600 annual tax-free limit

Like with the CTF, there is a maximum amount that can be invested in the Junior ISA per year. Parents and other relatives can contribute up to £3,600 a year tax-free into a Junior ISA, three times as much as the old CTF limit of £1,200.

2. They will be available to all children without a CTF

Only children born from September 2002 to January 2011 were eligible for a CTF, meaning some 6 million children who were born outside these dates were never able to open an account under the scheme.

The Junior ISA will now be made available to any child under the age of 18 who did not qualify for a CTF, with eligibility backdated to include all children who were born too early or too late for the old scheme.

1. They can be cash, or stocks and shares-based

Junior ISAs are offered by private providers, including many leading CTF providers, with the choice of investing into a cash-based account or a stocks and shares-based account. The funds will be locked away until adulthood.

As more and more providers come on board with the scheme, a competitively-priced market will emerge, giving savers greater choice of who to safeguard their investments with.

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Interesting Fact

Child Tax Exempt Savings Plans (TESPs) are an efficient and simple way to save for your child, and Shepherds Young Saver Plan lets you put away more per month than any other TESP.

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