Junior Individual Savings Accounts (JISAs) are to replace child trust funds (CTFs), which closed to new entrants on 31 December 2010, says Nick Braun in Business Tax Saver. Unlike CTFs, JISAs will not receive contributions from the government. But the limit for them is expected to be higher than the £1,200 annual limit imposed on CTFs.
They're currently only being made available to children born after 31 December 2010 and older children born before 1 September 2002 who never qualified for a CTF. But the government may make them available to any child, irrespective of whether they have a CTF or not.
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