Giving children a sound financial start in life is not difficult with early planning. There are many strategies parents and grandparents can adopt for building tax efficient funds, many of them considered here.
Offshore sterling based unit linked funds benefit from a different tax treatment when compared to similar funds based onshore. Offshore funds grow free of most taxes and only suffer tax if/when the funds are remitted back to UK jurisdiction. As such, via careful planning, these type of funds can offer an excellent way of accumulating capital in a tax efficient manner.
The Junior ISA, or JISA, is available to children under 18 who do not already have a Child Trust Fund (CTF) account. The Junior ISA (JISA) is like the adult ISA. It is a ‘wrapper’ that protects the investments and savings held within it from income tax and CGT.