How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Alice H Your Own Question
Alice H
Alice H, Solicitor/Partner
Category: Law
Satisfied Customers: 2850
Experience:  Partner in national law firm
30932268
Type Your Law Question Here...
Alice H is online now

I opened a junior isa daughter but hv just realised

This answer was rated:

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
My name is ***** ***** I am happy to help you today. Have you deposited any money in the ISA?
Customer: replied 2 years ago.

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

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 2 years ago.

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

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think that's going to be possible because closing the CTF account means taking the money out - but the money can't be withdrawn until the child is 18.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.
Alice H and 4 other Law Specialists are ready to help you