The individual savings account (ISA) annual subscription limit for 2020/21 will remain unchanged at £20,000.
The annual subscription limit for Junior ISAs and child trust funds will be increased from £4,368 to £9,000. Child trust funds maturing in the year can be transferred to an ISA without the funds counting towards the ISA subscription limit.
The increase in the Junior ISA subscription limit and the ability to reinvest maturing child trust funds will enable greater levels of tax free savings for minors.
The measures will take effect from 6 April 2020.
The increase in the Junior ISA limit is a welcome change to help parents save for their children’s futures.