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Michelle is an award-winning chartered financial planner who holds the designation 'Fellow of the PFS' demonstrating her commitment to maintaining the highest standards of knowledge, ethical conduct, and professional practice. Michelle is also an accredited member of the Society of Later Life advisers. Michelle offers a fully personalised service tailored to each clients individual needs and goals, using an approach that was recognised and honoured by the Women in Financial Advice awards in 2021. Clients working with Michelle can expect a high level of professionalism, integrity and a lasting relationship built on trust and open communication
Michelle Boakes
Chartered Financial Planner
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Individual Savings Accounts for children or Junior ISAs were introduced in November 2011 replacing Child Trust Funds. They are long term, tax-free savings accounts for children who
- are under 18
- live in the UK
- have not invested in a Child Trust Fund account.
If your child lives outside the UK, they can only open a Junior ISA if you are a Crown servant (for example, you work in the UK’s armed forces, diplomatic service, or overseas civil service) and the child depends on you for care.
A child cannot have a Junior ISA as well as a Child Trust Fund account. A Junior ISA can be opened, and the trust fund transferred into it.
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There are two types of Junior ISA, namely a cash Junior ISA and a stocks and shares Junior ISA. A child can have one or both types at any one time but the total annual amount which can be paid into either or both combined is £9,000 (tax year 2024/25).
If the child is under 16 the account must be opened by someone with parental responsibility, e.g. a parent or step-parent, who then becomes the 'registered contact' and the only one who can change the account or provider. They should also keep all paperwork and report on any change of circumstances.
Anyone can put money into the account (providing the annual limit is not exceeded) but only the child can take it out when they are 18 years old. If they choose not to take it out or invest it in a different type of account, the Junior ISA will automatically become an adult ISA.
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When we tell you about a fee, you will always receive a clear explanation of: The total fee, the advice service it relates to, how it's been calculated, when you need to pay it and your payment options.
The money in the account can only be withdrawn before the child is 18 under two conditions:
- The child is terminally ill, in which case the 'registered contact' can take the money out
- The child dies, in which case the money will be paid to the person who inherits the child's estate.
Warning Text
THE VALUE OF INVESTMENTS AND THE INCOME THEY PRODUCE CAN FALL AS WELL AS RISE. YOU MAY GET BACK LESS THAN YOU INVESTED.
FOR ISA’S INVESTORS DO NOT PAY ANY PERSONAL TAX ON INCOME OR GAINS BUT ISAS DO PAY UNRECOVERABLE TAX ON INCOME FROM STOCKS AND SHARES RECEIVED BY THE ISA MANAGER.
TAX TREATMENT VARIES ACCORDING TO INDIVIDUAL CIRCUMSTANCES AND IS SUBJECT TO CHANGE.
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