BRI announces launch of Junior ISA on 1/11/11

16th September 2011

BRI announces launch of Junior ISA on 1st November 11

The Junior ISA (JISA) is being launched on 1st November 2011.

The Key Features of this are as follows:

• Both cash and stocks and shares Junior ISAs will be available (although BRI will only be offering a stocks and shares Junior ISA). Children will be able to hold up to one cash and one stocks and shares Junior ISA at a time (two accounts in total).

• There will be a contribution limit of £3,600 per year which will be indexed by CPI from 6th April 2013 onwards

• Accounts will be owned by the child and funds will be locked in until the child turns 18.

• Any income or gains will be tax-advantaged.

• Junior ISA accounts will by default become adult ISAs on maturity.

• There will be no government contributions or matched payments into accounts.

• There will be no compulsory stakeholder Junior ISAs.

• On 1st November 2011 the Child Trust Fund (CTF) limit will be increased to £3,600, and will continue to be aligned with the Junior ISA limit going forwards, however please note that CTFs will not be able to be transferred into Junior ISAs

• If you already hold a CTF, you cannot also open a Junior ISA.

BRI will be offering the stocks and shares Junior ISA from 1st November. A Fact Sheet with further information on this will be published soon.

For more information please contact your usual BRI advisor.