Implications of Junior ISA opened by grandparent

paulpcunningham7

Hello!
A few years ago, I opened three Junior ISAs for my grandchildren and have since topped them up. I understand that I am entitled to contribute but not to open. This is only for parents. They have naturally grown through interest but I am concerned that they may be cancelled and refunded without interest. I am intending to leave them to run and keep my head down and transfer them at 18 (9 and 12 years away). Also are there IHT or tax implications, i.e. are they clased as mine and my interest? 

xylophone

transfer them at 18

The "registered contact" is not involved in "transfer".

The JISA is always in the beneficial ownership of the child and it will be the child who is contacted when he or she is about to turn 18.

It is also the case that the child may take control of the account at age 16 - see

https://www.gov.uk/junior-individual-savings-accounts

With regard to the irregularity of your having opened the accounts despite not being the parent or guardian with parental 

responsibility, I am surprised that the provider permitted this.

I take it that you are sure that the accounts in question are JISAs and not another type of child saver?

I should think that if they are indeed JISAs, having realised your error, you should contact the providers with a view to regularising the 

situation.

I imagine that it would be possible to change the registered contact as this may well happen in the normal course of events, for example, 

parent's death or incapacity or change of legal guardian.