Section 7A Transfers to other accounts for childrenF1

(1)

Regulations may make provision requiring an account provider, at the request of a person who has the authority to manage a child trust fund, to—

(a)

transfer all the investments under the fund, or an amount representing their value in cash, to a protected child account that is provided by a person chosen by the person making the request, and

(b)

when all the investments have been transferred, close the child trust fund.

(2)

An account is a protected child account if—

(a)

there is relief from income tax and capital gains tax in respect of investments under it,

(b)

it may be held only by a child, and

(c)

it satisfies any other conditions prescribed in regulations under this section.

Annotations

Textual amendments

F1: S. 7A inserted (26.3.2015 for specified purposes) by Deregulation Act 2015 (c. 20), ss. 62(2), 115(2)(d)