READER QUESTION
Q I’m thinking about setting up a Junior ISA for my child – what’s the benefit of the scheme?
Junior ISAs are long-term, tax-free savings accounts for children; there are cash Junior ISAs, and stocks and shares Junior ISAs. Your child can have one or both types. In the current tax year the savings limit is £9,000 a year. The money belongs to the child and they can take control of it when they turn 16, but they can’t withdraw it until