Child Trust Funds: 'lifestyling' of accounts, annual subscription limits and other updates
This tax information and impact note changes and updates the Child Trust Fund (CTF) rules including increasing the amount that can be paid into a CTF each year to £4,128.
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The CTF regulations will be amended by secondary legislation to increase the amount that can be paid into a CTF each year from £4,080 to £4,128. The requirement upon account holders to apply a lifestyling investment strategy for stakeholder CTFs will also be removed.
Other minor updates will also be made to the CTF regulations, for example to take account of changes to other legislation referred to in these regulations concerning the regulation of certain financial institutions, child protection and terminal illness. Provisions within the CTF regulations relating to the transfer of accounts will also be updated to reduce the information that must be passed between account providers on the transfer of an account.