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New tax-free savings accounts for children, 03/11/10 [W]

Financial Secretary to the Treasury, Mark Hoban, has announced that the Government will create a new tax-free children’s savings account.

The new account, described as ‘junior ISAs’, will have the following features:

  • All returns will be tax free
  • Funds placed in the account will be owned by the child and would be locked in until the child reaches adulthood
  • Investments will be available in cash or stocks and shares
  • Annual contributions will be capped
  • There will be no Government contributions into the account

Further information is available on the Treasury’s website.