JUNIOR ISA TO BE LAUNCHED

Pubslihed: 05/10/2011

Junior ISA’s will be launched in the UK on 1st November 2011. These investments will be available to all children under 18 who do not have a Child Trust Fund.

The main features of the Junior ISA’s are:
* Total Yearly Limit of £3,600. Friends or family can make contributions, but account must be set up by parent / guardian
* Funds can be held in cash or stocks & shares
* A child can only have one cash ISA and one stocks and shares ISA at the same time
* Any gains will be tax free

Importantly, the child can become responsible for the account from age 16 and will completely control the account from aged 18. No withdrawals will be allowed before the age of 18.

Oakworth are fully up to date and ready for the launch of this savings scheme and we see it is an ideal way to save for University or to help buy a first house. If you would like to speak to an adviser regarding the Junior ISA, or any other investment, please contact the office on 01977 600020.