In 2017/2018 there were a total of £907,000 Junior ISA (JISA) subscriptions – more than there have ever been before. As the new Tax Year is now with us, this may be something you should consider to begin in April for your children or grandchildren.
JISAs are Tax-Free Savings for those under the age of 18, which are then automatically transferred into a normal ISA when they reach the age of 18 and can be accessed by them at this point. The JISA allowance for the 2019/2020 tax year will be £4,368 per person.
You should always give careful consideration to any contributions you make to such schemes to ensure that they do not put your own saving or income goals or objectives in jeopardy, as these contributions cannot be recalled from a JISA because they will no longer be in your name. If making provision for future generations is something you would be interested in, please get in touch with the office and we will be happy to advise you.
Redwood is one of the Souths’ leading Pensions, Investments, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning and Probate, we can advise on any situation. Join us at one of our Free Public Information Seminars: Book online Book Me A Place!, Call us on 01489877 547 or Email info@redwoodfinancial.co.uk to book a FREE Initial Meeting with us to review your financial planning needs.
