The general terms and conditions ISA managers must provide for all JISAs including transfers.
Junior Individual Savings Accounts (JISA) terms and conditions
JISA is a type of ISA managed by you in accordance with the ISA regulations by you under terms agreed between you and the registered contact. The JISA must be held in the name of the child.
These terms and conditions must meet the conditions set down in JISA legislation and must specify that:
- The JISA investments shall be in the beneficial ownership of the child.
- The title to the ISA investments will be registered:
- in the name of the provider (you)
- in the name of your nominee
- jointly in one of them and the child or registered contact
- Share certificates or other documents showing the title to a JISA investment will be held by you or as directed by you.
- Insurance policies that are with an insurer who is also a provider - the title to the policies shall be owned by the registered contact, and the policy document or other document showing title to the insurance policy shall be held by the registered contact
- Stocks and shares JISA, you’ll arrange, with the registered contact agreement, for the registered contact to:
- attend shareholders’, securities holders’ or unit holders’ meetings
- receive annual report and accounts, any other information issued to shareholders, securities holders or unit holders
- You’ll need to make sure that any person you delegate functions or responsibilities to is competent to carry out those functions and responsibilities.
- On the instructions of the registered contact and within the time stipulated by them, the JISA with all rights and obligations shall be transferred to another provider.
In addition, you:
- may set a minimum period on the time stipulated by the registered contact for transfer but musn’t exceed 30 days, and should represent a reasonable period required for practical implementation of the transfer
- must notify the registered contact if, for any reason they fail to satisfy the provisions of the JISA regulations, the JISA has, or may become void
You should ensure that applications are fully completed. You don’t have to accept any application if you don’t want to, for example, you may only offer accounts for children within a particular age range.
Applications should contain the applicant’s full address and postcode. If the applicant prefers to use a BFPO (British Forces Post Office), ‘PO Box’ or ‘care of’ address for correspondence then this is acceptable for JISA purposes.
A JISA can’t be opened on a provisional basis. If the application isn’t complete, the application should be refused until the missing details are provided.
Applications made in writing must contain the signature of the applicant and the date.
If the application is signed but not dated, you can date stamp the application on the date of receipt and make a note that you have done so.
Retention of forms
You must keep the written application form, your own evidence of a written application or an imaged copy of it.
Enquiries and further advice
HM Revenue and Customs can be contacted by email: email@example.com to help on points of difficulty and advise in cases of doubt on whether application forms and/or JISA terms and conditions meet the statutory requirements.