16 and 17 year olds get lucky with ISA changes

2 July 2014

pt-piggy-bank-pink-2 While it’s quite doubtful that a 16 or 17 year old would have £19,000 knocking about in their piggy bank, loaded teens can save up to that amount tax free this year, thanks to an ISA loophole.

If you’re between these ages, you can open both a junior ISA and an adult ISA thanks to an anomaly in the system. The adult ISA limit has increased from £5940 to £15,000 today, while the junior ISA limit rises from £3840 to £5000.

And then when you turn 18, your junior ISA will be put in a separate adult ISA, which means your savings will still stay tax-free.

So perhaps if you’re a rich parent who is looking for a place to squirrel away Tarquin’s inheritance, or you’ve just got a REALLY BLOODY WELL PAID PAPER ROUND, then take advantage of it while you’re still young enough to get tax free savings.

Although you’re probably on Snapchat right now asking your mates if anyone wants to chip in for a Subway meal deal before you go to the job centre.

TOPICS:   Banking   Investments

1 comment

  • maths
    15000 + 5000 = 19000?

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