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Junior ISA ownership
atlantis187
Posts: 1,553 Forumite
If you have money a couple of grand in a kids junior ISA account which is locked away and cant be touched till they are 18. Is this money classed as being the parents money or the child's and could you be penalised in regards to means tested benefits?
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Comments
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The money belongs to the child absolutely and can only be accessed by the child at the age of 18.
https://www.gov.uk/junior-individual-savings-accounts/overview0 -
Even if the parents are contributing to this on a monthly basis of.
The money is definitely classes as the child's money?0 -
The money in the account definitely belongs to the child and cannot be accessed (except in the case of the death of the child) until the child becomes 18, and then only by the child.
Parents ( or indeed other people) would wish to demonstrate that any gift to their child (or anybody else) did not reduce their own capital to the point where they could claim means tested benefits or increase their entitlement to means tested benefits?
It would be difficult to show that the gifts did not breach the deprivation of capital rules?0
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