Quantcast
Menu Off Menu On

Can I open a Junior ISA from abroad, for my child in the UK?

Dennis | Uganda| 11/04/2019 | 0

  • Junior ISA

Dennis's question in full

Hi, I have a young boy who will be turning 4 this month. He is British, but I am not in touch with his mum. We broke up but I want to save some money for this innocent boy, so that when he comes of age, those small savings can help him. I live in Uganda and would be sending the money from here. Is it possible to open up an ISA for him?

Zoë Dagless's Response

Dear Dennis,

In terms of technicality, as your son is aged under 16 years and is a UK resident, a guardian is able to open a Junior ISA for him.

A Junior ISA allows a child to have a tax free saving pot with a capacity to save £4,368 per year.

At age 16, the child becomes eligible to manage their Junior ISA, and then at age 18 the Junior ISA graduates to an adult ISA, and the money becomes theirs. They can then do with it what they want.

However, there are two main points which may not work in your situation:

  • The first one being that - a child cannot have multiple Junior ISAs, so you would need to check with his mother that there is not one in existence
  • And the other is that any contributions to the child's Junior ISA have to be in sterling pounds, rather than another currency.

It may be better for you to invest using a savings pot in Uganda, and then gift the money when you feel it is appropriate.

Zoe

 

 

Just be aware...

We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA. 

This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.

We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.

Our Expert

Zoe Dagless - landscape.jpg

Zoë Dagless

Zoë is a Chartered Financial Planner at Addidi. She is passionate about combining her technical knowledge and experience to create bespoke plans for clients. Addidi advises enterprising women and their families, to plan and manage their wealth. Addidi also provides a collaborative club for women to invest in SMEs.

Related Questions

Got a Question?

  • I really don’t like this market meltdown during the coronavirus outbreak. Should I sell and just get out?

    | 19/03/2020 | 10

    • Private Pension
    • Stocks and Shares ISA
    • Junior ISA
    • Lifetime ISA
    • Shares
    • Robo Adviser
    • Online Investment Platforms
    • Funds
    • GIA
    • Pension
    Holly Mackay's Response

  • I can't decide between getting a Junior ISA with a robo investor like Wealthify, or investing via Interactive Investor with an investment trust for my son's JISA. I want to invest ethically and am happy to research investment trusts myself. The fees seem similar and both have fund managers. What should I do?

    Rick | Sussex | 01/07/2019 | 2

    • Junior ISA
    • Sustainable Investing
    Simon Bullock's Response

  • My son has a savings plan with Witan Jump that is now being closed and transferred to Hargreaves Lansdown. However, Hargreaves informs me that I cannot transfer all the money (£26,000) into a Junior ISA account, because it's more than the £20,000 yearly ISA allowance. I would like to keep the remaining money invested, but would appreciate some advice as to how I could invest it for my son.

    Isabella | Kent | 19/06/2019 | 0

    • Junior ISA
    Lesley James's Response

  • I have put the full allowance into my daughter's JISA. If for some reason I passed away, would the amount over £3000 per year be liable for inheritance tax?

    PB | Derby | 18/06/2019 | 2

    • Junior ISA
    • Inheritance
    Tommy Watson's Response

  • I'm in my late 30s, have a mortgage, a baby, no outstanding loans or credit cards, three pensions, and two Cash ISAs. I’d like to invest to renovate our house, help fund our children’s education and help them onto the property ladder, and retire as soon as possible! I considered a LISA but thought I might be better paying off more of the mortgage. I'm also confused about using a platform for a Stocks and Shares ISA. Any advice would be appreciated! Keep up the good work, I’m impressed with how refreshingly approachable your website is.

    Nick | Berkshire | 29/05/2019 | 3

    • Stocks and Shares ISA
    • Junior ISA
    • Lifetime ISA
    • Pension
    • Mortgage
    Catherine Morgan's Response

  • I currently have a Stocks & Shares ISA and a Junior ISA with Wealthsimple. I am considering changing these to Vanguard, but I am unsure if transferring across providers is a simple process. Also can you only pay into one of each type of ISA per year?

    Philip | County Antrim | 21/05/2019 | 2

    • Stocks and Shares ISA
    • Junior ISA
    Tommy Watson's Response

  • Our 16 year old son has inherited a significant sum. He wants to go to Drama School and pursue a career in acting, which we know means he is likely to be low paid/short of cash. I wondered how best to help him organise his savings/investments to help fund him through drama school/the early years, whilst trying to discourage him from simply dipping into his capital?

    Mo | West Sussex | 04/04/2019 | 4

    • Stocks and Shares ISA
    • Junior ISA
    • Inheritance
    Pete Matthew's Response

  • Where can I get a good Junior ISA?

    Rebeccah | Greater London | 27/03/2019 | 3

    • Junior ISA
    Holly Mackay's Response

  • I’m 36 years old, earn £85k, and have about £40k savings in the bank, mainly in an old ISA that I’ve done nothing with. I have a five year old daughter and would like to put my savings somewhere clever so they start to do something useful by the time she starts at an independent secondary school and fees go through the roof. Any bright ideas please?

    Milly | Berkshire | 22/02/2019 | 2

    • Stocks and Shares ISA
    • Junior ISA
    • Shares
    • Online Investment Platforms
    Catherine Morgan's Response

  • Hello Are there any specific pensions you would recommend, with low charges, which I can set up for my 11 yr old son? I am already paying the maximum into a Junior ISA. Anita

    Anita | West Sussex | 18/06/2018 | 3

    • Private Pension
    • Junior ISA
    Richard Allum's Response

  • Can I move an old Child Trust Fund?

    Suzanne | Greater London | 08/05/2018 | 0

    • Junior ISA
    Holly Mackay's Response

  • I would like to open a Junior shares ISA for my Grandson for about £50/month. How do I go about it and can you recommend some reliable companies?

    Roger | Surrey | 26/04/2018 | 2

    • Junior ISA
    • Shares
    Holly Mackay's Response

  • I am very lucky to have just received a gift which I want to invest for our retirement. My husband and I aim to retire in around five years. We have 11 more years of school fees to fund, then hopefully university fees for two after that. I've put together a plan for us - can you have a look and see if it makes sense?

    Fiona | UK | 18/01/2018 | 6

    • Private Pension
    • Stocks and Shares ISA
    • Junior ISA
    • Shares
    • Cash
    • Online Investment Platforms
    Holly Mackay's Response

  • We have four grandchildren (2 English living in UK, and 2 Irish living in Eire). We have decided to start savings plans for their futures. Their ages are 18yrs, 11yrs, 8yrs and 4yrs respectively. My age is 75yrs, and my wife is a little older. What should we do, please?

    John | Buckinghamshire | 01/01/2018 | 1

    • Junior ISA
    • Lifetime ISA
    • Shares
    • Funds
    • Inheritance
    Martin's Response

  • I have a delightful 12 year old daughter and she has just opened her first bank account. I am dreadful with money but I would like to know what I should teach her so that she does not pick up my bad financial habits. Do you have some top tips of things to teach our children so they are wise and responsible with money please?

    Louise | Greater London | 11/09/2017 | 1

    • Junior ISA
    • Shares
    • Cash
    Lesley James's Response

  • Pensions vs ISA - which one is best?

    Roderick | Greater London | 06/09/2017 | 0

    • Stocks and Shares ISA
    • Junior ISA
    • Lifetime ISA
    • Pension
    Holly Mackay's Response

Got a question? Ask our experts

Ask Our Experts

Sign up for Holly's blog

Stay up to date

Our free weekly blog with Holly's
no-nonsense opinions, tips & food for thought.
If you change your mind, you can unsubscribe at any time. We'll never share your details and you can unsubscribe any time.