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31 March 2011
On 26 October 2010 the Government announced that it would create a new tax-free children’s savings account, referred to as Junior ISAs.
Junior ISAs will ensure that all parents have a clear and simple way to save for their child’s future, following the end of Child Trust Fund (CTF) eligibility from January 2011.
Junior ISAs are expected to be available from autumn 2011. Ahead of this, the Government will make detailed Regulations, amending the existing ISA (Individual Savings Account) Regulations, to provide for the establishment of Junior ISAs.
Draft Regulations were published for comment, alongside the Finance Bill on 31 March 2011. These propose that Junior ISAs will have the follow key features:
The Government welcomes comments on these draft Regulations, and on the design of Junior ISAs generally. The Government intends to make the final Regulations in July 2011.
Comments should be sent to Rosemary Ohen via e-mail, by the end of May 2011.