Written question asked by Gregory Campbell (Democratic Unionist Party) on Monday, 10 February 2025, in the House of Commons. It was due for an answer on Thursday, 13 February 2025 (named day). It was answered by Emma Reynolds (Labour) on Thursday, 13 February 2025 on behalf of the Treasury.
Individual Savings Accounts: Children
- Question
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To ask the Chancellor of the Exchequer, if she will review eligibility rules to allow grandparents to take out share based ISAs for grandchildren.
- Answer
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To ensure that the Junior Individual Savings Accounts (JISA) regime remains simple and sustainable, HMRC specify who can open and manage an account to prevent more than one JISA of each type (cash or stocks and shares) being opened in error. It also ensures that there is a single point of contact for the giving of instructions. Given the nature of the role, the ISA rules require this to be someone with parental responsibility for the child. A grandparent who does not have parental responsibility is therefore unable to open or manage a Junior ISA on behalf of their grandchild but can add funds to the account, up to the value of £9,000 a year.
The Government continues to keep all aspects of savings policy under review.
Secondary information
- Type
- Written question
- Reference
- 30044
- Session
- 2024-26
- Related items
- Subjects
- Children Eligibility Grandparents Individual savings accounts
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2025-09-05 21:02:52 +0100
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/commons/2024-25/30044
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