Following the Government’s publication of final details of the regulations relating to the introduction of the Junior ISA,  Witan has confirmed that it is to offer a Junior ISA (JISA) when the new scheme is launched on 1 November this year. It will form part of the Jump range of children’s saving options, sitting alongside Witan’s existing Jump Savings Plan for children and its Child Trust Fund (CTF). Investments will be made into Witan Investment Trust’s multi-manager global portfolio.

Details of the design features of the JISA have now been confirmed by HM Treasury including the annual limit for subscriptions which has been set at £3,600. From 6 April 2013 this figure will be index linked and will increase in line with the Consumer Price Index (CPI).  The annual subscription level for CTFs will also increase to £3,600 from 1 November and will then continue to be aligned with the JISA.

Children born since January 2, 2011 or before September 1, 2002 will be eligible to open a JISA. Any child who has a CTF cannot open one of these new accounts. However, existing CTF accounts will have the same annual contribution limits, so in principle all under 18s should have access either to a CTF or the new JISA.

Andrew Bell, Chief Executive Officer of Witan Investment Trust said:

“The Junior ISA is a simple, clear and jargon-free financial product that will allow families to save and invest for their child's future. The limit of £3,600 is of sufficient size to help families build up a significant lump sum for when the child reaches 18 and is faced, for example, with funding a university education or saving towards purchasing a house.  

By aligning CTF subscription limits with those of the JISA all children will have a permitted contribution limit of £3,600 each year. Over time we expect the government will enable CTFs to be merged into the JISA scheme, to simplify the system but in the meantime Witan plans to continue to offer the CTF for those who have a CTF account and to offer a Junior ISA for all others who are eligible for the new scheme.”

Witan already manages accounts for 18,000 children with assets of £78m and the Company has more investors under the age of 5 than over the age of 70. The Witan Jump JISA will be launched on 1 November; information will be available beforehand on its website www.jumpsavings.com , where people will be able to pre-register their interest in being sent information nearer the time.

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For further information please contact:

Andrew Bell, Chief Executive Officer

Witan Investment Trust plc

Tel: 020 7227 9770

Andrew.bell@witan.co.uk

James Frost, Marketing Director

Witan Investment Trust plc

Tel: 020 7227 9770

James.frost@witan.co.uk

Jain Castiau, Director

Cauldron Consulting

Tel: 0203718 7236/07909 963 969

Jain.castiau@cauldron-consulting.com

Notes to Editors

Witan Investment Trust plc

Established in 1909, Witan is one of the UK’s largest investment trusts, managing some £1,156m (as at 30.06.2011, source Witan) on behalf of some 40,000 investors.  Witan is listed in the ‘Global Growth’ sector and is a member of the FTSE 250 index. Registered as an Investment Company in England No 101625.

www.witan.com