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ARTICLE · 17 JULY 2015

Investing For Children

UHY Hacker Young LLP
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There are now many options for investing on behalf of children, but one stands out as an obvious starting point.

United KingdomFinance and Banking
Peter Miller
Peter Miller

There are now many options for investing on behalf of children, but one stands out as an obvious starting point.

The Junior ISA (JISA) is very similar to its adult counterpart, other than the maximum contribution limit, which in 2015/16 is £4,080. It offers the same tax freedoms – no UK income tax on interest or dividends (although dividend tax credits cannot be reclaimed) and no capital gains tax. Importantly, the rules which can tax parents on the income of capital gifts to their minor children do not apply to JISAs.

Since 6 April 2015 it has also been possible to transfer from existing Child Trust Funds (CTFs) to JISAs, a move which can be beneficial both in terms of broadening investment choice and reducing costs.

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