Child Taxation: 8. Junior ISA
Published / Last Updated on 15/05/2023
The Child Trust fund was replaced by Junior ISAs (sometimes known as a JISA) in November 2011. Junior ISAs were launched with an initial yearly savings limit of £3,600 and Child Trust Funds reflected this with its limit increased to £3,600 pa.
Junior ISA Allowance 2024
- 06/04/2024 to 05/04/2025 = £9,000.00
The Junior ISA is available for any UK resident child (under the age of 18) provided the child does not have a Child Trust Fund account.
Junior ISAs grow in a tax free environment in the same way that Adult Cash ISAs and Stocks and Shares ISAs do.
See Adult ISAs: ISA
There is no tax relief when paying in, unlike private pensions for children that do currently attract basic rate tax relief.
Prior to April 2015, it was not possible to transfer a Child Trust Fund to a Junior ISA but now it is. Many people have done so for their children as there is a much greater choice of Junior ISAs rather than Child Trust Funds.
Since 6 April 2015 it has been possible for those with a CTF to transfer to a Junior ISA should they wish to do so.
- Below age 16 – Parent has control of the JISA.
- Age 16-17 – The child now assumes control of the JISA.
- In addition, for ages 16 and 17, the child can have a full Adult Cash ISA allowance with a current annual limit for 06/04/2024 to 05/04/2025 of £20,000.00.
- Age 18 – Child (now adult) has full control of the JISA funds that simply become an adult ISA and funds can be accessed or withdrawn or more savings added within the adult ISA allowance of £20,000.
