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CTF to JISA

edited 30 November -1 at 1:00AM in Savings & Investments
3 replies 516 views
Mr_JonesMr_Jones Forumite
12 posts
Part of the Furniture Combo Breaker
MoneySaving Newbie
edited 30 November -1 at 1:00AM in Savings & Investments
I have transferred approx £12K from my daughter's Nat West CTF to a Junior Stocks and Shares ISA. This has built up with a monthly standing order over 10 years.
I am now looking to invest this money in a "Investing for Children" portfolio within a Financial Services Company (investment supermarket).
The site asks the question - how much do you want to invest?
Then when I add in £12K it then says "Please note, the maximum you can invest into a Junior ISA in this tax year is £4,368" before it then goes on to recommend 4 funds for the child's portfolio.

Just double checking that I can actually invest all the £12K now as it relates to prior years investment despite it being greater than the £4368 allowance for this year ?

Replies

  • tin586tin586 Forumite
    98 posts
    If you are transferring a JISA from one provider to another, this is perfectly possible with a few exceptions (eg I don’t believe Fidelity are able to do this).

    It may well be that you need to open the new JISA first and have an account number before transferring the old one in.

    I can only suggest that for peace of mind you contact the new provider and clarify.
  • xylophonexylophone Forumite
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    Check with the proposed new JISA provider whether a transfer in will be accepted.

    If so, ask the new provider to arrange the transfer.
  • eskbankereskbanker Forumite
    14.4K posts
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    Mr_Jones wrote: »
    I have transferred approx £12K from my daughter's Nat West CTF to a Junior Stocks and Shares ISA.

    [...]

    The site asks the question - how much do you want to invest?
    Then when I add in £12K it then says "Please note, the maximum you can invest into a Junior ISA in this tax year is £4,368"
    The message quoted at the end would only be displayed if you were trying to pay in £12K but earlier you state that you have already transferred the money in, so exactly where is the money at the moment?

    Are you definitely using the proper transfer process (controlled entirely by the new provider under your instruction) that preserves the tax-free status of prior year contributions, or have you perhaps closed the CTF yourself without getting the new provider to do it?

    Or have you maybe already transferred from CTF to JISA and now want to transfer onwards to another JISA maybe?
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