THE PRINCE GEORGE FACTOR CHILDREN HIS AGE WILL BENEFIT

The recent Budget saw the main Isa limit remain unchanged at £20,000 a year. However, over recent years the allowance has risen dramatically.

The taxfree savings allowance remained at £7,000 for nine years after Isas were introduced in 1999; £3,000 of that could be held in cash.

The limit edged higher to £7,200 in 2009 before a jump to £10,200 a year later. It rose gradually until July 2014, when it was boosted to £15,000. At this point, greater flexibility was handed to Isa savers, allowing them to put the entire allowance into a stocks and shares Isa, a cash Isa, or a mix of the two.

The allowance was then boosted slightly to £15,240 in 2015 before jumping to £20,000 from this April.

Philip Hammond, the Chancellor, announced last week that the annual limit on how much could be put into Junior Isas and child trust funds for 2018-19 would be increased in line with CPI inflation to £4,260. Prince George is among those children who could benefit.

Junior Isas were introduced in 2011 to replace child trust funds, with a limit of £3,600 every tax year, which could be invested in cash or stocks and shares.

Accounts can be opened for anyone under 18, with the money coming under their control on their 18th birthday. No withdrawals are allowed until that date.