What is a JISA?
Junior Individual Savings Account (JISA) is a long-term tax-free savings account for children. Each child, from birth to 18 years old, living in the UK, can have their own JISA account. The annual allowance for the 2024/25 tax year is £9,000 per child.
The JISA tax-free wrapper allows you to save for your child’s future, in stocks and shares, without paying any tax on the money invested within the wrapper; including the returns/growth received.
Only parents or guardians with parental responsibility can open a JISA for each child. The parent or guardian, the ‘registered contact’, will be the only person who can manage or change the account and report changes of circumstances. Children over 16 can become the ‘registered contact’.
JISA accounts automatically turn into adult ISAs when the child turns 18 years old, with the higher annual adult allowance of £20,000 applying.
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