I want to open a Junior ISA or equivalent for my daughter but we are not resident in the UK
07 January 2022
Question by Fran
I want to open a Junior ISA or equivalent for my daughter but we are not resident in the UK. What options do I have please?
Answered by Andrew Neligan
Unfortunately, you are unable to open a JISA for your daughter if you are not resident. Your best bet might be to open an investment in your name and earmark it for her for when she is ready for the money or if you return to the UK. There may be tax consequences for you of this approach but your tax-efficient options as far as the UK is concerned are unavailable.
I hope this helps.
Chartered & Certified Financial Planner
Typically, I work with individuals and couples who have got to the point in their lives that they have important questions about money they want answering. They may be thinking about retirement in the next 5 to 10 years but they are worried they won’t have enough so they want to make sensible decisions now. Or, they really want to retire sooner, but either they don’t know if they can afford to, or they are afraid they will make decisions that they may later regret.