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    • windmill26
    • By windmill26 4th Mar 18, 3:10 PM
    • 204Posts
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    windmill26
    Junior ISA if moving abroad advice
    • #1
    • 4th Mar 18, 3:10 PM
    Junior ISA if moving abroad advice 4th Mar 18 at 3:10 PM
    Can someone advise me on Child Trust Fund and Junior shares Isa?
    We have a CTF with HSBC which seems ok but not great.I would like to transfer the funds to Junior shares ISA but I am not sure if it will be worth it as we are planning to move abroad in a few years time (2 to 3).How both investments would work if the child is not a UK resident anymore? Could we take the money out when we move abroad or it has to stay in the account until my child turns 16 ?Any advice is welcome!
Page 1
    • MallyGirl
    • By MallyGirl 4th Mar 18, 3:30 PM
    • 2,677 Posts
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    MallyGirl
    • #2
    • 4th Mar 18, 3:30 PM
    • #2
    • 4th Mar 18, 3:30 PM
    A JISA locks the money in to 18
    • xylophone
    • By xylophone 4th Mar 18, 3:48 PM
    • 25,371 Posts
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    xylophone
    • #3
    • 4th Mar 18, 3:48 PM
    • #3
    • 4th Mar 18, 3:48 PM
    The child cannot have both a CTF and a JISA.

    It is possible to move the CTF to JISA - best done before you move abroad if you want to do it I should think.

    Whether CTF or JISA contributions can continue to be made after the child has moved abroad - see

    https://www.gov.uk/junior-individual-savings-accounts/add-money-to-an-account

    If your child moves abroad, you can still add cash to their Junior ISA.

    http://www3.moneysavingexpert.com/files/ctf_guide.pdf

    WHAT IF MY CHILD HAS A CTF BUT THEN MOVES ABROAD?
    The CTF account will remain open and family and friends will be able to continue saving


    The above refers to the original contribution limit of 1200 but this has changed to be in line with JISA

    https://www.gov.uk/child-trust-funds

    Access not available until age 18.
    • windmill26
    • By windmill26 4th Mar 18, 5:00 PM
    • 204 Posts
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    windmill26
    • #4
    • 4th Mar 18, 5:00 PM
    • #4
    • 4th Mar 18, 5:00 PM
    Thank you for the links.One question that I couldn't find an answer for is; the money in the CTF or the shares JISA is still getting invested or just "seat" there until the 18th birthday if the child is abroad?
    • xylophone
    • By xylophone 4th Mar 18, 7:22 PM
    • 25,371 Posts
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    xylophone
    • #5
    • 4th Mar 18, 7:22 PM
    • #5
    • 4th Mar 18, 7:22 PM
    it is clear that the HMRC rules permit funds to be added to a CTF/JISA if the child moves abroad.

    You would wish to check the T&Cs of the individual providers as to whether they will permit subscriptions from abroad.



    Money added to a cash account would continue to earn interest.

    Money contributed to a stocks and shares JISA would presumably be invested according to instructions.


    Examples

    https://www.triodos.co.uk/en/personal/service/faq/?faqId=591978

    https://www.iii.co.uk/sites/default/files/pdf/ii-Junior-ISA-Terms-Dec-17.pdf

    It occurs to me that you would need to check out the tax on interest situation in the country to which you had emigrated.
    • windmill26
    • By windmill26 4th Mar 18, 7:58 PM
    • 204 Posts
    • 243 Thanks
    windmill26
    • #6
    • 4th Mar 18, 7:58 PM
    • #6
    • 4th Mar 18, 7:58 PM
    it is clear that the HMRC rules permit funds to be added to a CTF/JISA if the child moves abroad.

    You would wish to check the T&Cs of the individual providers as to whether they will permit subscriptions from abroad.



    Money added to a cash account would continue to earn interest.

    Money contributed to a stocks and shares JISA would presumably be invested according to instructions.


    Examples

    https://www.triodos.co.uk/en/personal/service/faq/?faqId=591978

    https://www.iii.co.uk/sites/default/files/pdf/ii-Junior-ISA-Terms-Dec-17.pdf

    It occurs to me that you would need to check out the tax on interest situation in the country to which you had emigrated.
    Originally posted by xylophone
    Thank you very much for your input.Now I have to decide if it is worth it leaving the funds in the CTF or move it to a shares JISA!
    Last edited by windmill26; 04-03-2018 at 7:59 PM. Reason: mistake
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