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Alice H
Alice H, Solicitor/Partner
Category: Law
Satisfied Customers: 2850
Experience:  Partner in national law firm
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I opened a junior isa daughter but hv just realised

Resolved Question:

hi i opened a junior isa for my daughter but hv just realised that she holds a CTF account. what can i do?? will i be prosecuted.
i opened the junior isa in december and the ctf is from 2006. please advise
Submitted: 1 year ago.
Category: Law
Expert:  Alice H replied 1 year ago.
My name is ***** ***** I am happy to help you today. Have you deposited any money in the ISA?
Customer: replied 1 year ago.

yes i have bought 300.00 worth of shares and set up regular payment of 300.00 every monthy

Expert:  Alice H replied 1 year ago.
This is not the kind of thing you would be prosecuted for, so it's not something you need to worry about. You appear to made a mistake and the best thing to do is to close the ISA because you can't have a CTF account and ISA at the same time. This is not fraud.
Customer: replied 1 year ago.

i dont want a ctf account i want the isa. is there anyway i can have the isa and not the CTF account

Expert:  Alice H replied 1 year ago.
I don't think that's going to be possible because closing the CTF account means taking the money out - but the money can't be withdrawn until the child is 18. If you wish you can top up the account by £4080 per year but cannot take anything out.
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