Government consults on CTF-to-JISA transfers

The government has launched a consultation on allowing the transfer of existing savings from Child Trust Fund (CTF) accounts into Junior ISAs (JISAs).

It follows the Chancellor's announcement at Budget 2013 that the government would consider the position of existing CTFs. Following the abolition of CTFs at the beginning of 2011, the government introduced the junior ISA as part of its latest attempt to encourage a savings culture in the UK. However, children born between 2002 and 2011 were denied access to the Junior ISA, instead having to continue contributing to their CTF. The government has previously held firm despite requests for it to permit transfers to JISAs. However, today's consultation proposes that, "in the interest...