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How does a Junior ISA work?

Once a Junior ISA has been opened by either a parent or guardian, you remain in control of the investment until your child reaches their 16th birthday – at this stage they can take control of the account but cannot withdraw from it until they turn 18, at which point the money then belongs to them.

Anyone you know can add to the Junior ISA, making it a useful account for investing gifts for a child’s future. Similar to an adult ISA, a Junior ISA shelters your child’s investments from Capital Gains and Income Tax. You can add up to £9,000 in the current tax year to a Junior ISA, letting you build up a tax saving fund for your child. You can transfer from one Junior ISA into another, If a child was born between 2002 and 2011, they might have a Child Trust Fund (CTF), which can also be transferred into a Junior ISA (but not the other way round).

With investing your capital is at risk. Investments can fluctuate in value, and you may get back less than you invest. ISA eligibility applies.

If you need more information or have any further question, and you are not already a client with True Potential, you can speak to our friendly team on 0191 625 0350 available 7am-8pm weekdays.

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