Five questions about… Junior ISAs

 

This must be Budget-related. Has the Chancellor increased the amount you can
put in a JISA?

No, although it will rise from 6 April. Limits are now linked to inflation and climb in line with the previous September's CPI. That means you can put up to £3,720 in a 2013-14 JISA, compared with the £3,600 limit in the current tax year.

That's useful to know. But why were JISAs in the news this week?

Because the Government has agreed to look into the idea of allowing people with Child Trust Funds to transfer them into JISAs.

Why would they want to?

Child Trust Funds were precursors of JISAs. They were tax-free accounts which included a government handout of £250 at birth. But they were scrapped by the current Government and replaced by JISAs which have no incentive. Returns in Child Trust Funds have dwindled as savings institutions concentrate on trying to attract people to open JISAs.

Ah, so people want to move savings into JISAs to get higher interest on their kids' money?

Exactly.

Sounds common sense. Why can't they?

When have you ever known politicians to have common sense? But the Treasury is consulting on the notion so it is likely to happen eventually.

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

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