By entering an ISA with a child selected as the owner, parents are allowed to contribute up to the maximum allowable for the child up to age 18, without affecting contributions to their own personal ISAs.
To enter a Junior ISA:
1. Go to the Investments screen.
2. Select the investment Type “Stock Market ISA / Junior ISA”.
3. In the People panel, to the right side of the screen, select the child (not the child’s parents) as the owner of the ISA.
4. Enter the annual contribution amount in the Contribution field.
5. Set the contribution period in the Time panel to the right side of the screen. Select the panel's Events tab. Selecting a start event (green dot) to indicate when contributions should begin and an end event (red dot) to indicate when they should stop.
Only one child can be selected as the owner of a Junior ISA. If parents are contributing to Junior ISAs for multiple children, a Junior ISA would need to be entered separately for each child and the contributions scheduled for each of these ISAs.
Contributions will be limited to the annual allowance for Junior ISAs (£4,080 for the 2015-16 tax year) until the child turns 18. The software may be set to assume that this allowance inflates annual. For more information on where this assumption is managed, see our article on the "Default Tax Table Assumption".