Child trust fund and JISA

melcrafts

It appears that my child has both a child trust fund and a junior isa. The lady at the bank said she shouldn't have both, but offered no further advice. Accounts are with different banks. Does anyone know if I need to do anything or will this be OK?

sheramber

You cannot have a Junior ISA as well as a Child Trust Fund. If you want to open a Junior ISA ask the provider to transfer the trust fund into it.

https://www.gov.uk/junior-individual-savings-accounts#:~:text=You cannot have a Junior,the trust fund into it.

melcrafts

Thank you but the problem is she actually has both and I don't know what to do. Both accounts are over 10 years old.

silvercue

I have the same problem.  I opened a JISA for my son and later found out his mum had been paying into a Trust for him.    I am looking into moving the Trust to the ISA.

Problem is in one year we will have exceeded the yearly allowance.

I hope once there is just a JISA it will be OK.  

Stodge71

silvercue said:

I have the same problem.  I opened a JISA for my son and later found out his mum had been paying into a Trust for him.    I am looking into moving the Trust to the ISA.

Problem is in one year we will have exceeded the yearly allowance.

I hope once there is just a JISA it will be OK.  

Just wondered how this got resolved? Were you able to simply move the CFT into the JISA? Were there any penalties applied for the period of 'doubling up'?

Stodge71

melcrafts said:

Thank you but the problem is she actually has both and I don't know what to do. Both accounts are over 10 years old.

Just wondered if you managed to resolve this? Were you able to simply move the CFT into the JISA? Were there any penalties applied for the period of 'doubling up'?

xylophone

https://www.gov.uk/government/publications/tax-free-savings-newsletter-3/tax-free-savings-newsletter-3-october-2021

See Section 5.

You or JISA provider should contact HMRC for guidance?

Loobylootomato

Need help with same issue.
I invested the CTF.
8 ish years later husband opened junior ISA with the same company.

Daughter just turned 18, closed CTF account and withdrew money. Statement came for her Junior ISA but on trying to withdraw this money they said they will just refund what was paid in as this is an ‘unauthorised account’. How did the same company allow this when they had my daughter’s details? How were we meant to know that this would end up like this? They were more than happy to set up account and take money over the years!
Anyone been through similar and did it get resolved?