Whilst many of us will be busy finalising contributions to ensure 2011/12 ISA limits are utilised, those with young children may wish to consider the recent change to child savings.

Junior ISAs are set up in the child’s name by a parent or guardian and available to each child in the family each tax year. Under the rules of Junior ISAs, the child is the beneficial owner of the funds which must be locked away until the child reaches the age of 18.

At that time the funds can either be withdrawn or rolled over into the normal ISA version. Funds can be invested in Stocks and Shares, Cash or a combination of both.

Junior ISAs provide an excellent tax-friendly vehicle for family and friends to save for a child’s future, the funds potentially being used to assist further education or a house deposit for example.

Over a potential 18 year investment period, a sizeable fund could be generated. For those looking to gift any excess income, such as grandparents, Junior ISAs can sit alongside children’s pensions to provide useful funds for different life events.

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