Splitting Junior ISA between 2 children
Discussion
I suspect this isn't possible but wanted to ask.
When Child 1 was born, father in law had had a great year financially and gave her £5k which we put in to a Junior S&S ISA and has grown nicely to approx £12k.
When Child 2 was born this didn't happen (not that there was any reason for it to, it was very unexpected first time around).
Is it possible to 'even things up' and open a Junior ISA for Child 2 and split it between the two of them? Children are aged 9 and 6.
When Child 1 was born, father in law had had a great year financially and gave her £5k which we put in to a Junior S&S ISA and has grown nicely to approx £12k.
When Child 2 was born this didn't happen (not that there was any reason for it to, it was very unexpected first time around).
Is it possible to 'even things up' and open a Junior ISA for Child 2 and split it between the two of them? Children are aged 9 and 6.
Tyndall said:
I suspect this isn't possible but wanted to ask.
When Child 1 was born, father in law had had a great year financially and gave her £5k which we put in to a Junior S&S ISA and has grown nicely to approx £12k.
When Child 2 was born this didn't happen (not that there was any reason for it to, it was very unexpected first time around).
Is it possible to 'even things up' and open a Junior ISA for Child 2 and split it between the two of them? Children are aged 9 and 6.
Hi,When Child 1 was born, father in law had had a great year financially and gave her £5k which we put in to a Junior S&S ISA and has grown nicely to approx £12k.
When Child 2 was born this didn't happen (not that there was any reason for it to, it was very unexpected first time around).
Is it possible to 'even things up' and open a Junior ISA for Child 2 and split it between the two of them? Children are aged 9 and 6.
No, Child 1 is the beneficial owner. You can not transfer any ISA or JISA. You can sell down (to cash) and reinvest with an ISA however no withdrawals are permitted with JISA below the age of 18. Your only practical solution is to make new contributions to Child 2.
Adam
Edited by AdamIM on Tuesday 6th September 11:33
You could conduct an experiment and open a Junior SIPP for the second child, contribute a sum of up to £2880/year which will get topped up by 25% until it levels off with the first ISA
Obviously they'll resent it on their 18th birthday but one day when you're long gone, they'll probably be grateful
It might even instil a long-term savings/investment mindset if they can see it grow and take an interest in it, knowing it can't be withdrawn on their 18th birthday and ceremoniously spaffed away
Obviously they'll resent it on their 18th birthday but one day when you're long gone, they'll probably be grateful
It might even instil a long-term savings/investment mindset if they can see it grow and take an interest in it, knowing it can't be withdrawn on their 18th birthday and ceremoniously spaffed away
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