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Transitioning from a JISA to an ISA

4 replies

againstabrickwall · 17/10/2024 18:57

If a JISA that has reached its annual deposit allowance of £9k transitions into an adult ISA on a young person's 18th birthday, does it mean an additional £11k can be added before the end of the tax year, or an additional £20k?

I'm assuming £11k, but can't find a definitive answer online.

OP posts:
darada · 18/10/2024 00:31

againstabrickwall · 17/10/2024 18:57

If a JISA that has reached its annual deposit allowance of £9k transitions into an adult ISA on a young person's 18th birthday, does it mean an additional £11k can be added before the end of the tax year, or an additional £20k?

I'm assuming £11k, but can't find a definitive answer online.

Good question. Watching for any replies as wondering myself

messybutfun · 18/10/2024 09:01

You used to be able to use both full allowances - JISA and adult cash ISA - for 16 and 17 year olds. It was an anomaly and I‘m not sure it wasn‘t abolished in some small print.

OP posts:
againstabrickwall · 18/10/2024 11:25

This info from AJ Bell is more helpful, if it's right, though you have to click 'yes' to being a finance professional to read it : https://www.investcentre.co.uk/articles/maximising-tax-wrapper-allowances-children

It goes further than my question and says that they can have an adult isa from age 16 with its own 20k allowance, as well as their JISA.

I guess the new Government might make changes though.

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