What information you need to provide and how to make an annual return.
Annual return and tax claim
Information about annual returns and claims is available. A separate return and claim is not required for JISAs so any claim for tax deducted in respect of JISA investments should be included on the claim made using the ISA 10/ISA 14 by the manager.
Returns of information
Returns of information explains how providers should make their annual information return to HMRC. Details of JISAs must be included on the return. A separate return for JISA is not required, but managers can use a separate sub-return to report their JISA accounts.
All of returns of information applies to JISA’s but please note the following:
- the return must include the details of the eligible child and not the registered contact for the account
- Type of ISA, use:
- C for a cash JISA
- D for a stocks and shares JISA
- Y where there are no subscriptions to a JISA in the reporting year
- if a National insurance number is held for a JISA (for example, because the account was opened for a child aged over age 16) it must be reported - but for most JISAs there will be no National insurance number so the field can be left blank (if the reporting system requires an entry to be made, providers must us the JISA universal dummy National insurance number ‘YY888888Y’ and nothing else
- date of first subscription - this must be completed in the year in which the JISA is opened, in later years the field must be left blank
- date account closed - this field should usually be left blank when reporting JISAs (as JISAs can be closed in cases of death, terminal illness or when the value become £nil, an entry may be made in these circumstances) - in all other circumstances the field must be left blank
Reporting at age 18
The regulations require a report of each account so reporting will depend, in part, on whether the manager issues a new account number (and creates a new account) or retains the same account number and maintains a single account at the child’s 18th birthday.
If a new account number is issued, the JISA and ISA must be reported separately. Subscriptions to each will be reported accordingly. The market value of the JISA will be £nil.
If the account number is retained, there are 3 possible scenarios:
- subscriptions are made to both the JISA and the ISA in the year. Reports will be required showing subscriptions to the JISA on one and to the ISA on the other. The market value for the ISA will be reported as now for ISAs. The JISA report will show the market value as £nil
- subscriptions are made to either the JISA or the ISA but not both. A single report is required (but see 3 below) showing the status of the account when the subscription was made. So if the subscription was made to the JISA, the report would show C or D and the amount, and for subscriptions to the ISA, A or B and the amount. In either case the market value reported would be the market value at 5 April
- in the year of the child’s 18th birthday, where a subscription is made to the JISA before the birthday but no subscription is paid to the ISA after the birthday, managers can report in line with 2 (above) or they can make 2 reports for all JISAs in the transition year:
- JISA return showing subscriptions (C or D) or none (Y) and a £nil market value at 5 April
- ISA return showing subscription (A or B) or none (X) and the market value at 5 April
- no subscriptions are made in the year. A single report of the ISA status at 5 April is required - X (no subscriptions to an ISA) and the market value at 5 April.
Annual return of statistical information
Separate statistical returns must be made for ISA and JISA accounts. The JISA reporting forms are the equivalent of those for ISAs (see annual Returns of SI (market value) and annual returns of SI (subscriptions)).
The following JISA form statistics are available:
JISA audit checks will be carried out alongside any ISA audit as detailed in the HM Revenue and Customs inspection.