Britain's richest children already have six-figure savings
Hundreds of children already have six-figure sums in savings accounts, new data shows.
Parents can stash up to £9,000 a year into Junior Individual Savings Accounts (Jisas), which can be invested in stocks and shares or cash.
More than two million children have up to £25,000 saved in a Jisa, according to figures obtained via a Freedom of Information request lodged by savings company Standard Life. Around 2,400 are sitting on £75,000 to £100,000.
The average Jisa has a value of £4,370; however, figures reveal there are 400 children with nest eggs worth more than £100,000.
Jisa returns are tax-free, and the accounts are available to anyone in the UK under the age of 18. Introduced in 2011 as a replacement for child trust funds, they are designed to encourage long-term saving by locking away cash until the child reaches adulthood.
The accounts have become more popular among parents looking to pay their children's future university tuition fees, or to help them save towards a house deposit.
Investment experts are now calling on families to consider putting some money into child pensions.
Though more niche, child pensions have also emerged as a tax-efficient way to save for adulthood. They are government-backed savings accounts similar to Lifetime Isas, rewarding savers with a 20pc top-up.
Mike Ambery, of Standard Life, said: 'Jisas and child pensions are both great ways for families to save for their children's future.
'Jisas provide a tax-efficient way to save for adulthood, while children's pensions are great for those playing the long game as they will benefit from decades of compound investment growth.'
Assuming a parent paid the maximum £2,800 into a child pension every year, a child could have a pension pot of £75,200 by the time they entered the workforce, Standard Life said. Child pension savings cannot be accessed until retirement age, however.
Mr Ambery said: 'As children gain access to their Jisa funds at 18, it's important for parents to ensure their children understand the value of saving and making informed financial decisions before committing a vast amount of cash.
'Prioritising financial education from an early age can help young people manage these funds wisely when the time comes.
'For those wanting to take a longer-term approach, a child pension offers a structured way to build wealth over time, potentially more than doubling the eventual value of the child's workplace pension pot.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Glasgow Times
14 hours ago
- Glasgow Times
Glasgow faces higher inheritance tax bills in coming years
A report by Wright, Johnston & Mackenzie and Irwin Mitchell predicts a 29% increase in liable estates, growing from 210 in 2015/16 to approximately 270 by the end of 2026/27. The city's IHT liability is forecast to more than double, from £32 million to £69 million. Roddy Harrison, a private client partner at Wright, Johnston & Mackenzie in Edinburgh (Image: Supplied) The average IHT bill per estate in Glasgow could reach £253,000, which is above the Scottish average of £211,000. The report's findings are based on a Freedom of Information request to HMRC, forming part of a broader analysis covering 177,000 estates across 121 UK postcode areas. Read more: 'Established' & popular retailer announces closure of Glasgow Fort store Greggs store closes temporarily - here's why Popular Grammy-award-winning singer announces Glasgow gig Across the whole of Scotland, the total number of IHT-liable estates is projected to reach 1,800 by the end of 2026/27, with a combined tax liability of £389 million. Roddy Harrison, a private client partner at Wright, Johnston & Mackenzie in Edinburgh, said: "These figures show that families in Edinburgh and Glasgow are increasingly being drawn into the inheritance tax net. "With liabilities rising sharply and average bills now well above the Scottish average, it's vital that individuals seek tailored advice. "At Wright, Johnston & Mackenzie, we're helping more clients navigate these changes and protect their estates for future generations." From April 6, 2026, significant reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) will take effect. Full 100% relief will be capped at £1 million for combined qualifying assets, with amounts above this threshold receiving only 50 per cent relief. AIM-listed shares will also see reduced BPR eligibility. The Office for Budget Responsibility estimates that 130 estates will be impacted by APR changes and 1,440 by BPR, generating an additional £200 million in tax revenue in 2026/27. The analysis reflects a broader trend throughout Scotland, where rising property values and frozen thresholds are pushing more families into the IHT net.
Scotsman
3 days ago
- Scotsman
Inside the battle for North Sea control: How oil giants like BP lobbied over emission restrictions
Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The North Sea oil regulator weakened environmental requirements designed to control greenhouse gas emissions after being lobbied by oil and gas companies including energy giant BP, a new investigation has revealed. The findings have heightened concerns over the level of influence large oil firms have over independent UK agencies charged with managing the sector. Advertisement Hide Ad Advertisement Hide Ad A general view of the BP ETAP (Eastern Trough Area Project) oil platform in the North Sea, around 100 miles east of Aberdeen. Picture: Andy Buchanan -| Getty Images Documents obtained by The Scotsman through a Freedom of Information (FOI) request, in partnership with the investigative organisation Point Source, show BP pushed back against a wide range of proposed requirements that had been drafted by the North Sea Transition Authority (NSTA) as part of their Oil and Gas Authority (OGA) Plan. These included requirements to reduce the 'emissions intensity' of offshore oil platforms, as well as requirements to 'secure substantial and consistent total emissions reductions'. The scope of the North Sea consultation The NSTA received 32 responses from respondents that included industry bodies, relevant persons, energy transition companies and non-governmental organisations (NGOs). Advertisement Hide Ad Advertisement Hide Ad Outside of BP, the list of respondents also included Shell, Ithaca Energy - the company pushing to extra oil from the Rosebank field, west of Shetland - and Harbour Energy, which last month announced it was cutting a further 250 jobs in Aberdeen. The two-month consultation closed on November 30, 2023. People protest against the Rosebank offshore development off Shetland (Picture: Jeff J Mitchell) | Getty Images The Scotsman was denied a request to access unredacted consultation responses from other companies outside of BP involved in the consultation, with confidentiality exemptions cited. BP responses - and how the regulator adapted the oil plan In the wake of BP's communications with the NSTA, a requirement to reduce the emissions intensity was removed from the strategy document, along with a series other concessions that included relaxing requirements for the electrification of offshore platforms. Pushing back on an NSTA drive to shut down low-production fields that have high emissions intensity that was outlined in a draft plan, BP said the NSTA needed to take into consideration wider implications of shutting down these assets such as 'investor confidence' and 'risk of company defaults'. Advertisement Hide Ad Advertisement Hide Ad After changes were made to the OGA plan, Offshore Energies UK (OEUK) said in its newsletter for members the consultation had led to the NSTA "softening" the language within the document. The trade association body said: "The plan originated from the position that the offshore industries own, and will continue to own, the agenda". Mark Wilson, OEUK's HSE and operations director, added: "Regulatory intervention should only be available as a backstop if required." Lang Banks, the director of the environmental group WWF Scotland, said: 'The influence that oil companies have over the supposedly independent North Sea Transition Authority means that instead of helping to support a planned and fair transition away from fossil fuels it prioritises watering down requirements that would reduce polluting emissions. This delays action on climate change, and stalls progress on green job opportunities. 'As we head towards the Holyrood elections next year, we need all political parties to commit to ensuring Scotland and the wider UK reaps the multiple benefits that will come from a properly planned and fair transition to clean energy.' Advertisement Hide Ad Advertisement Hide Ad Labour candidate Davy Russell wins the by-election and celebrates alongside party leader Anas Sarwar and his deputy Jackie Baillie. | Lisa Ferguson Consultation documents obtained by The Scotsman under FOI legislation show BP called for deadlines to be abolished for requirements to electrify oil platforms, a move that was intended to reduce the reliance on burning oil and gas to provide power for platforms. Following the consultation, the NSTA scrapped its proposed target of making all platforms 'fully electrified' by January 1, 2030 and replaced it with a requirement for platforms to be either fully electrified or 'run on alternative low carbon power with near equivalent emission reductions' by the same date. Ahead of the publication of the final OGA Plan, BP also criticised a proposed requirement that would force oil companies to carry out an assessment of 'potential emissions savings' that was based on 'the societal cost of emissions'. The oil and gas company said that including an assessment of this kind was a departure from 'traditional practice' and could cause market distortion. After receiving submissions, the NSTA removed the phrase 'based on the societal cost of emissions' from the finished version of the plan, which was published in March last year. Advertisement Hide Ad Advertisement Hide Ad The consultation documents also reveal BP pushed back against a proposal that would require oil companies to execute emissions reduction initiatives aimed at reducing the 'emissions intensity' of an asset over a reasonable time scale and a requirement to deliver 'secure substantial and consistent total emissions reductions'. BP called these requirements 'impractical'. The NSTA changed the wording for both parts of the OGA Plan following the consultation, making the requirements less onerous for oil and gas companies. BP lowered its outlook for gas production in the first quarter of 2025. Picture: Yui Mok/PA Wire The NSTA replaced the phrase 'emissions intensity' with 'emissions' in the first paragraph, and said companies needed to 'secure substantial and emission reductions', removing the requirement for consistent improvements in the second paragraph. BP's position A BP spokesperson said: 'BP, similar to many organisations, engages appropriately with policymakers, industry groups and non-governmental organisations to offer feedback, expertise and insights into the policy-making process. This includes responses to public consultations. Advertisement Hide Ad Advertisement Hide Ad 'Our aim is to inform the development of balanced and practical policy and regulation that promotes shared objectives across the industry.' The company's view on flaring The consultation documents also show BP criticised proposals that would require oil companies to put in place plans to deliver 'continuous improvements in flaring and venting reductions' as well as a proposed requirement that 'all assets must deliver zero routine flaring and venting by 2030'. Flaring is the practice of burning off methane that is produced alongside oil and venting is when methane is released into the atmosphere without being burned. In 2023, oil and gas companies operating in the North Sea flared and vented enough gas to heat more than 700,000 homes, representing a lost market value of £250 million, according to the NSTA's 2024 emissions monitoring report. Advertisement Hide Ad Advertisement Hide Ad BP pushed back against the proposed requirements for 'continuous improvements' in flaring and venting saying this was not 'technically feasible', according to communications obtained by The Scotsman. The oil company also stated dissatisfaction with plans to require oil companies to reduce gas leaks, also known as 'fugitive emissions', on a yearly basis. BP said: 'Due to the nature of leaks and seeps, continuous reduction is unachievable as they are by their nature ad hoc.' Louis-Maxence Delaporte, an energy sector analyst at the campaign group Reclaim Finance, said: "This investigation puts the spotlight once again on BP's weak climate strategy, which relies even more heavily on oil and gas than previously. "BP has severely reduced its planned investment in so-called 'low carbon' activities, it has increased its 2030 oil and gas production trajectory and abandoned its critical target for reducing scope 3 emissions. Far from being in transition, BP is building a fossil future.' Advertisement Hide Ad Advertisement Hide Ad Other company submissions The UK-based oil and gas company Serica was one of the other companies that responded to the consultation and pushed back against some aspects of the draft OGA Plan. The company stated that requiring yearly improvements in emissions 'may not be a useful target', adding the 'overall direction should be lowering emissions'. Serica said the proposed requirement for 'continuous improvement' to flaring and venting was 'not realistic' due to 'unforeseen disruptions to production and the time it takes to implement material flare reduction projects'. The company also called for the NSTA to make the 'intent and mechanics' clearer for its proposed methodology to determine the that date oil and gas assets should be shut down. Serica was contacted for comment by The Scotsman. Advertisement Hide Ad Advertisement Hide Ad The OGA Plan was published ahead of the Court of Session in Edinburgh ruling earlier this year that permissions granted to the Rosebank oil field and the Jackdaw gas field under the previous Conservative government were unlawful and the fossil fuel giants behind the plans, Shell, Equinor and Ithaca, should have to reapply for permission. Conflicts of interest? However, significant concerns remain about the influence that large oil companies have over regulators like the NSTA, partly due to financial conflicts of interest. According to the NSTA's most recent financial results, which were published in July last year, the regulator's board members and their family members held shares in companies linked to the energy sector worth £351,258, including shares in BP. The family of the NSTA chairman Tim Eggar, who stood down in September last year, held 4,099 BP shares worth £20,331, as well as 1,875 shares in Shell worth £49,219. Advertisement Hide Ad Advertisement Hide Ad Iain Lanaghan, another NSTA director held 1,017 BP shares worth £5,044 as well as 358 shares in Shell that are worth £9,398. The NSTA said that its board did not consider these holdings sufficient to 'impair their independent judgement in board discussions' An NSTA spokesperson said: 'The OGA Plan is a robust set of requirements, which demands that industry takes immediate action to reduce production emissions on the path to net zero by 2050. 'It was finalised following extensive public consultation, including responses from several operators and, as with any thorough consultation, all responses were considered.'
Wales Online
4 days ago
- Wales Online
Future of Llancaiach Fawr branded scandalous as Grade-I listed manor is mothballed
Future of Llancaiach Fawr branded scandalous as Grade-I listed manor is mothballed Caerphilly County Borough Council has closed Llancaiach Fawr amid ongoing uncertainty over its future, with the venue near Nelson being 'mothballed' and put on the market Llancaiach Fawr (Image: Google/Local Democracy Reporting Service ) The decision to shut down Llancaiach Fawr has been labelled a "retrograde step", amidst ongoing doubts about the future of the heritage site. The Grade-I listed manor, located near Nelson, has been "mothballed" and up for sale since January, following a cost-cutting move by Caerphilly County Borough Council to cease its annual subsidy for the site. The council's Plaid Cymru opposition group has claimed there is "no sign" of the venue reopening "anytime soon". Plaid revealed that a council response to a Freedom of Information (FOI) Act request indicated that while 15 viewings had been scheduled, no offers have been made so far. "The closure was yet another flawed decision by the Labour cabinet, made against the opposition of the public and many councillors," stated Cllr Lindsay Whittle, who heads the Plaid group. Plaid Cymru group leader Lindsay Whittle at Ty Penallta (Image: Plaid Cymru/Local Democracy Reporting Service ) "We want to see Llancaiach Fawr reopened to the public as soon as possible, but given the lack of submissions of interest so far then we might be waiting quite a long time. It really is scandalous that this tourist and historical icon of Caerphilly remains shut." Plaid Senedd Member Delyth Jewell described the venue as "irreplaceable" and "the centre of the community", including for thousands of schoolchildren who visited on trips. Stay informed on Caerphilly news by signing up to our newsletter here Article continues below "Many of us warned that if the council closed its doors, they might never reopen again," Cllr Jewell said. "What a crying shame it will be if that turns out to be the case." Councillor Delyth Jewell (Image: Plaid Cymru/Local Democracy Reporting Service ) Yet, these opinions have been contested by the council's deputy leader, Labour's Jamie Pritchard. He remarked that there has been "a high level of interest from a range of organisations who have submitted business cases to secure a bright new future for Llancaiach Fawr". Cllr Pritchard mentioned that the council "received so much interest, we ran more open days than originally envisaged". Councillor James Pritchard (Image: CCBC/Local Democracy Reporting Service ) He added: "I must say, for leading Plaid politicians to say there has been a lack of submissions tells me they have simply ignored a statement I put out more than two weeks ago," and continued, "This is a very peculiar and totally unproductive way to operate. We are very positive about the future of Llancaiach Fawr, and we look forward to issuing further updates over the coming weeks." Article continues below In response to Plaid's Freedom of Information Act request, the council disclosed it is "now awaiting submissions from those that expressed an interest" in managing Llancaiach Fawr but noted that a definitive timeline "cannot be confirmed at this stage". The council also revealed that 37 staff members had their employment "terminated" at the site, with one individual retained until the end of June "to maintain the open space", and two others successfully redeployed within the council.
