Christmas could be an excellent time to encourage children to start thinking about the value of money. Often children get hundreds of pounds worth of toys – could that money be put to better use? Why not think about setting up a tax-efficient Junior ISA for them instead? If allowed to grow over time the investment could build up to a sizeable sum. This could then help your children or grandchildren, onto the property ladder or help through university. Any gains do not incur Capital Gains Tax and they will not be considered part of the parents’ or grandparents’ estate for Inheritance Tax purposes.
