The Government has announced that they will create a new tax-free children’s savings account following the end of Child Trust Fund (CTF) eligibility.
The Government intends the new accounts to be available by autumn 2011.
The new account will have the following key features:
The new account, described as a ‘Junior ISA’, will offer parents a simple and tax free way to save for their child’s future.
Eligibility for the new account will be backdated, to ensure that no child born after the end of CTF eligibility will miss out on the chance to have one of the accounts. There will be no CTF eligibility for children born from January 2011.
Internet link: Treasury press release
Posted – 20/12/2010