It’s never too early to start thinking about saving for the future. A Junior Individual Savings Account or ‘JISA’ gives children the opportunity to start saving early – via cash, stocks and shares, or a combination of the two – within a tax-free wrapper. The maximum amount that may be paid into a JISA in the 2017/18 tax year is £4,128. This can be invested into a cash JISA or a stocks and shares JISA, or may be allocated between the two.
In order to qualify for a JISA, the child has to live in the UK and be aged under 18. A child can hold either type of JISA or can mix and match between the two. JISAs may be switched from cash to stocks and shares, and back again. However, the child can only have one cash JISA and one stocks and shares JISA during their childhood, although those two components can be held with different providers. The JISA savings belong to the child, who can take control of the JISA once they are 16 but – with a few very limited exceptions – cannot withdraw the money until they are 18.
According to HMRC, £921m was subscribed to JISAs in 2015/16. Until relatively recently, children born between 1 September 2002 and 2 January 2011 were previously only eligible for a Child Trust Fund (CTF). However, following changes introduced in April 2015, CTF savings can be transferred into a JISA instead.
For more information please do not hesitate to contact the team at Ward Williams Financial Services Ltd on 01932 830664 or by email on email@example.com.
Being immersed in the nitty gritty of tax? Talk to Simon Boxall at Ward Williams who can help with some thorny subjects such as should I let my property furnished or unfurnished? Or when should I do maintenance work?Jeremy Wasden, Director at Belvoir Lettings Uxbridge
Because services have always been reliable and questions are answered and advice given promptly.Ian Macdonald, Macdonald Associates Consultancy
A high level of dedicated personal service and ability to find and recommend solutions and complex questions.Bruce Todd, InCompass International Consultancy Services Ltd.
I have always found Ward Williams team to be responsive and helpful to any questions for advice.Ann Tomsett
We have had a long successful working relationship with Ward Williams over many years.David Warwick, MASDAR (UK) Limited.
Knowledgeable and informative advice. Trustworthy and competent. Very friendly likeable staff. Completely Satisfied.Mrs Ingrid Klinkhamer
I am extremely happy with the service provided and would try to recommend Ward Williams at every opportunity.Michelle McIntyre, Airboe Components Limited.
I have enjoyed a long relationship with Ward Williams and have found you to be very competent at what you do!Bryan Lewis, Media On Demand
To date I have been very satisfied with the service providedDavid Hawkins, Cane Bay PTY Ltd.
Excellent service both personally and as a business.Guy Hewitt, Angelo European Trading (UK) Ltd.
Ward Williams supported my business since shortly after its inception. Phil, Ming and Jamie respond constructively and promptly to any queries that I may have and my dealings with the other staff are always friendly and courteous.Madeline McGill, Senior Executive Selection Coaching & Development Ltd.
Great service from great people. Moving our business to Ward Williams was one of our better decisions.John Yeomans, Champagne Food Ltd.
Friendly, efficient and professional service.Irene Reid, Domains Lettings Ltd.