Tax-free junior Isa to be launched
Wednesday 27 October 2010
The Treasury yesterday confirmed the launch of a tax-free "junior" Individual Savings Account (Isa), to replace the previous Labour government's Child Trust Fund (CTF). The new plan will allow parents to save for a child's future but will not benefit from state funding like the CTF, which was axed as part of attempts to bring the budget deficit under control.
The junior Isa will have many similarities to existing tax-free Isas for adults, in that investments will be available in cash or stocks and shares and annual contributions will be subject to to a cap. Funds placed in the account will be owned by the child and will be locked in until the child reaches adulthood.
The accounts will be available from the autumn of 2011 but eligibility will be back-dated, to ensure that no child born after the end of CTF eligibility will miss out on the chance to have one of the accounts.
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 4 Dad attempts revenge on teenage daughter, plan backfires spectacularly
- 5 Ball pool for adults opens in London
Isis 'throw man off a building for homosexual affair' and beat him to death when he survives
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...