UK Statutory Instrument SI 2004/1450 United Kingdom

The Child Trust Funds Regulations 2004

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm18 Any Person1

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 167 other Acts
Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

sch. para. 2 (1) A stakeholder account must have the characteristics set out... Regulated
  • Ensure stakeholder account meets required characteristics and conditionsFinancial Services Firm
sch. para. 3 (1) Deductions from a stakeholder account may only be made... Regulated
  • Cap charges and set valuation frequency in writing for stakeholder accountsFinancial Services Firm
s.006 Opening of account by Inland Revenue—(Revenue allocated accounts) Regulated
  • Account providers must open Revenue-allocated Child Trust Fund accounts immediatelyFinancial Services Firm
s.007 Yearly disability payments Regulated
  • Credit child's account with HMRC disability paymentFinancial Services Firm
s.008 General requirements for accounts Regulated
  • Ensure child trust fund investments are held correctly and meet legal requirementsFinancial Services Firm
s.010 Statements for an account Regulated
  • Produce annual and transfer statements for Child Trust Fund accountsFinancial Services Firm
s.011 General investment rules Regulated
  • Price investments correctly when buying for a Child Trust Fund accountFinancial Services Firm
s.013 Conditions for application by responsible person or the child to open an account (and changes to an account) Regulated
  • Account providers must vet and decline invalid child trust fund applicationsFinancial Services Firm
s.013 Matured CTF Account Regulated
  • Close matured CTF account after all investments transferredFinancial Services Firm
s.016 Account provider—withdrawal by Board of approval Regulated
Other duties (1) — Crown / regulator
  • HMRC may withdraw approval if you fail to comply with Child Trust Fund rulesStatutory regulator
s.019 Account provider’s intention to make a bulk transfer of accounts or to cease to act as an account provider Regulated
  • Notify HMRC and account holder before ceasing to act or making a bulk transferFinancial Services Firm
s.019 Account provider ceasing to accept Revenue allocated accounts Regulated
  • Give 30 days' notice before ceasing to accept Revenue allocated accountsAny Person
s.020 Account provider ceasing to qualify Regulated
  • Notify HMRC and account holder when ceasing to qualify as account providerFinancial Services Firm
s.020 Transfers to other accounts for children Regulated
  • Transfer child trust fund to a protected child account on requestFinancial Services Firm
s.021 Transfer of accounts .... Regulated
  • Accept child trust fund transfer applications unless a statutory exception appliesFinancial Services Firm
s.027 Repayments in respect of tax to account provider—annual tax claims Regulated
  • Submit annual tax claim for Child Trust Fund accounts within 6 months of year-endFinancial Services Firm
s.031 Records to be kept by account provider Regulated
  • Keep records for 3 years and produce them on HMRC requestFinancial Services Firm
s.032 Returns of information by account provider Regulated
  • Submit annual return to HMRC for Child Trust Fund accountsFinancial Services Firm
s.037 Administration of tax in relation to accounts—supplementary Regulated
  • Notify insurer of Child Trust Fund policy events within 30 daysFinancial Services Firm
s.038 Application of the provisions of Chapter 2 of Part 13 of the Taxes Act and of Chapter 9 of Part 4 of ITTOIA 2005 to policies Regulated
  • Account for and pay tax on Child Trust Fund life insurance termination eventsFinancial Services Firm
30 other provisions — procedural and definitional
s.001 Citation and commencement
s.001 An account is a stakeholder account where it has the... (opens in a new tab)
s.002 Interpretation
s.003 Vouchers
s.004 Descriptions of accounts
s.005 Opening of account by responsible person or the child
s.007 Government contributions
s.007 Age 7 payments
s.009 Annual limit on subscriptions
s.012 Qualifying investments for an account
s.013 Maturity of child trust fund - instructions
s.013 Maturity of child trust fund - no instructions
s.014 Account provider—qualifications and Board’s approval
s.015 Account provider—appointment of tax representative
s.017 Account provider—appeal against non-approval or withdrawal of Board’s approval
s.018 Permitted withdrawals from an account
s.018 Permitted withdrawals from an account where the child is terminally ill
s.022 Recoupment of Inland Revenue contributions to void accounts (and other accounts)
s.023 “Repair” of invalid accounts
s.024 Exemption from tax of account income and gains
s.025 Tax liabilities and reliefs—account provider to act on behalf of the named child
s.026 Repayments in respect of tax to account provider—interim tax claims
s.028 Account provider’s tax claims—supplementary provisions
s.029 Assessments for withdrawing relief and recovering tax
s.030 Fortnightly claim and financial returns
s.033 Information about “looked after children” from Local Authorities
s.033 The person appointed by the Treasury or the Secretary of State by virtue of section 3(10) of the Act to be the person who has the authority to manage an account
s.034 Information to be provided to the Board
s.035 Inspection of records by officer of the Board
s.036 Capital gains tax—adaptation of enactments

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.