Individual Savings Accounts: Children
(asked on 29th November 2023) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the changes announced in the Autumn Statement 2023 to allow multiple subscriptions in each year to individual savings accounts (ISAs) of the same type from 6 April 2024 will apply to Junior ISAs.
This question was answered on 4th December 2023
The subscription rules for Junior ISAs differ in a number of ways to those of an adult ISA, and are intended to ensure that tax-free savings made on behalf of children are managed and maintained efficiently and there is no complexity of 'small pots', which would create problems as those children reach adulthood. The government will publish draft amendments to the ISA rules early in 2024.