sch. para. 2
- Ensure stakeholder account meets required characteristics and conditions
UK Statutory Instrument
2004
United Kingdom
The Child Trust Funds Regulations 2004
At a glance
What's here
19 compliance obligations
Who this Act binds
Plus 1 non-business duty on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
sch. para. 3
- Cap charges and set valuation frequency in writing for stakeholder accounts
Opening of account by Inland Revenue—(Revenue allocated accounts)
- Account providers must open Revenue-allocated Child Trust Fund accounts immediately
Yearly disability payments
- Credit child's account with HMRC disability payment
General requirements for accounts
- Ensure child trust fund investments are held correctly and meet legal requirements
Statements for an account
- Produce annual and transfer statements for Child Trust Fund accounts
General investment rules
- Price investments correctly when buying for a Child Trust Fund account
Conditions for application by responsible person or the child to open an account (and changes to an account)
- Account providers must vet and decline invalid child trust fund applications
Matured CTF Account
- Close matured CTF account after all investments transferred
Account provider—withdrawal by Board of approval
Other duties (1) — Crown / regulator
- HMRC may withdraw approval if you fail to comply with Child Trust Fund rules Statutory regulator
Account provider’s intention to make a bulk transfer of accounts or to cease to act as an account provider
- Notify HMRC and account holder before ceasing to act or making a bulk transfer
Account provider ceasing to qualify
- Notify HMRC and account holder when ceasing to qualify as account provider
Transfers to other accounts for children
- Transfer child trust fund to a protected child account on request
Transfer of accounts ....
- Accept child trust fund transfer applications unless a statutory exception applies
Repayments in respect of tax to account provider—annual tax claims
- Submit annual tax claim for Child Trust Fund accounts within 6 months of year-end
Records to be kept by account provider
- Keep records for 3 years and produce them on HMRC request
Returns of information by account provider
- Submit annual return to HMRC for Child Trust Fund accounts
Administration of tax in relation to accounts—supplementary
- Notify insurer of Child Trust Fund policy events within 30 days
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
- Account for and pay tax on Child Trust Fund life insurance termination events
Browse 33 other sections — procedural / definitional / commencement
Citation and commencement
An account is a stakeholder account where it has the...
Interpretation
(1) A stakeholder account must have the characteristics set out...
Vouchers
(1) Deductions from a stakeholder account may only be made...
Descriptions of accounts
Opening of account by responsible person or the child
Government contributions
Age 7 payments
Annual limit on subscriptions
Qualifying investments for an account
Maturity of child trust fund - instructions
Maturity of child trust fund - no instructions
Account provider—qualifications and Board’s approval
Account provider—appointment of tax representative
Account provider—appeal against non-approval or withdrawal of Board’s approval
Permitted withdrawals from an account
Permitted withdrawals from an account where the child is terminally ill
Account provider ceasing to accept Revenue allocated accounts
Recoupment of Inland Revenue contributions to void accounts (and other accounts)
“Repair” of invalid accounts
Exemption from tax of account income and gains
Tax liabilities and reliefs—account provider to act on behalf of the named child
Repayments in respect of tax to account provider—interim tax claims
Account provider’s tax claims—supplementary provisions
Assessments for withdrawing relief and recovering tax
Fortnightly claim and financial returns
Information about “looked after children” from Local Authorities
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
Information to be provided to the Board
Inspection of records by officer of the Board
Capital gains tax—adaptation of enactments
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