The Junior ISA (JISA) is a tax efficient savings account designed for adults to save on behalf of a child. Similar to ISAs, investments held within the JISA wrapper are exempt from capital gains tax while dividends and interest received need not be declared to HMRC. Annual subscriptions may be made to a JISA of up to £4,368 in 2019/2020.
The JISA is available to all children resident within the UK who were not eligible for a child trust fund. Therefore eligible children must be under the age of 18 and either born before 1 September 2002 or after 2 January 2011.
Speirs & Jeffrey offers a stocks and shares JISA and our minimum subscription is £3000 per annum. There is an initial set up charge for opening a JISA.
A child may only have one cash JISA and one stocks & shares JISA held on their behalf at any given time. All investments to a JISA belong to the child and no amount can be withdrawn and the account cannot be closed. When the child reaches the age of 18 the JISA will convert into a stocks & shares ISA.
Growing charity management service – the firm manages around £500m of charity portfolios.