This content was created by Ndubuisi 'Andy' Egwim. This content was uploaded by Ndubuisi 'Andy' Egwim. This is a YouTube video titled "Junior ISA Revealed - What You need to know" created on July 11, 2024, featuring Ndubuisi 'Andy' Egwim explaining the rules and allowances for opening a junior ISA alongside a regular ISA in the UK, including details about the tax year and contribution limits.
Can I open a junior ISA account alongside my isa? Yes, actually, you can open a junior ISA for a child under the age of 18 alongside your own ISA account. However, your contributions to the junior ISA will not count towards your own £20,000 ISA allowance, which is good if one opens a lifetime ISA in August. When is the end of the year August, December or April? Well, that's a great question. The lifetime ISA operates in the UK based on a tax year basis, so the anniversary is not based on the anniversary of when you open it. In the UK, the tax year runs from April 6 to April 5. So if you open your ISA account or any of the ISAs in in August, it's going to be you're going to have new ISA allowances by the next April. That's April 5th. I hope that's clear. So the tax year runs from April to April, not from January to December.
