Policy paper

Draft regulations: Child Trust Funds and Junior Individual Savings Accounts

This technical consultation sets out how previously announced changes to the Child Trust Fund (CTF) and Junior Individual Savings Account (ISA) rules will operate

Documents

The Child Trust Funds (Amendment) Regulations 2015

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Explanatory Memorandum to The Child Trust Fund (Amendment) Regulations 2015

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The Individual Savings Account (Amendment) Regulations 2015

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Explanatory Memorandum to The Individual Savings Account (Amendment) Regulations 2015

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Details

This technical consultation sets out how previously announced changes to the CTF and Junior ISA rules will operate. You can read more about the measures in this policy paper.

The Government intends to:

  • provide for the voluntary transfer of savings from a CTF to a Junior ISA
  • simplify the rules relating to the bulk transfer of accounts
  • defer the requirement on account providers to commence ‘lifestyling’ of stakeholder CTFs
  • extend choice over who can manage and give instructions in relation to a CTF once an account holder reaches 16 years old.

These proposals will be of interest to:

  • CTF providers and Junior ISA managers
  • CTF and Junior ISA holders
  • Parents and guardians of children with CTFs and Junior ISAs

Opening date - 3 November 2014

End date - 2 January 2015

Postal address:

Simon Turner, Specialist Personal Tax, Savings Scheme Office S0708, PO Box 201, Bootle L69 9AJ

Email: simon.turner@hmrc.gsi.gov.uk

Published 4 November 2014