child trust fund

xylophone

unless they want to set their own account up in which case I'd need to come clean!).

The account belongs legally and beneficially to the child - the parent is only the "registered contact".


https://www.hl.co.uk/investment-services/junior-isa/frequently-asked-questions


When your child turns 18, we’ll convert their HL Junior Stocks and Shares ISA into an HL Stocks and Shares ISA. They’ll get full access to their investments and savings, and they can take out money if they want to.

https://www.gov.uk/guidance/junior-individual-savings-accounts-for-managers-jisas-managing-jisas

When the account holder turns 18, the rules specific to JISA will cease. You should contact the account holder before their 18th birthday to discuss future saving options. However, the investments must remain in a tax-free wrapper. Where the investments are applied to an ‘adult’ Cash or Stocks and Shares ISA, you can continue to use the same account number or allocate a new one depending on your systems and processes.

On their 18th birthday the child can access the savings in their JISA and can make withdrawals. There are no specific ISA rules about identification checks that need to be made. You should proceed as with any other type of account and conduct identification and Anti Money Laundering (AML) checks.

Once the former JISA account holder turns 18, any savings in the account that are not immediately withdrawn will stay within the ISA wrapper and the same tax advantages will apply.