Do JISAs affect parents ISA allowances? 30 January at 8:39PM in ISAs & tax-free savings 3 replies 51 views

MoneySaver16

I am quite sure they do not - but this quote below from the MSE ISA page made me want to double check. If I open a JISA for my child does that £9000 limit sit separately to my own £20000 limit? So I could save £1000 stocks and shares in an adult ISA, £19000 cash in a cash ISA and then a further £9000 in a junior ISA for my child? Using these figures as an example - I won’t be maximising everything sadly

”This all sits separately to the rule that allows you to split your £20,000 ISA allowance across all ISA types, so you could, for example, still deposit £3,000 into a junior ISA, £4,000 into a Lifetime ISA and £13,000 into a cash ISA all in the same tax year.”

Keep_pedalling

No, anything put into a JISA belongs to the child, it does not effect your allowances.

eskbanker

MoneySaver16 said:

I am quite sure they do not - but this quote below from the MSE ISA page made me want to double check. If I open a JISA for my child does that £9000 limit sit separately to my own £20000 limit? So I could save £1000 stocks and shares in an adult ISA, £19000 cash in a cash ISA and then a further £9000 in a junior ISA for my child? Using these figures as an example - I won’t be maximising everything sadly

”This all sits separately to the rule that allows you to split your £20,000 ISA allowance across all ISA types, so you could, for example, still deposit £3,000 into a junior ISA, £4,000 into a Lifetime ISA and £13,000 into a cash ISA all in the same tax year.”

I can see why you wanted to double-check, that MSE wording is highly misleading!  It would be better to simply state that adults each have a £20K allowance and children a completely separate £9K one, rather than carelessly implying that they're linked like that.

MoneySaver16

Thank you both - just what I was thinking. I agree the wording is clumsy on that page, but overall still helpful enough