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The Child Trust Funds (Amendment No. 2) Regulations 2014

S.I. 2014/1453 · Made 4 June 2014

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Child Trust Funds

Made 4th June 2014

Laid before Parliament 5th June 2014

Coming into force 1st July 2014

The Treasury, in exercise of the powers conferred by sections 3(3) and (5), 5(4), 7, 12(2), 13, 15 and 28(1) and (3) of the Child Trust Funds Act 2004f1, make the following Regulations:

Annotations to the whole text

Footnotes

f1

2004 c. 6; section 15 was amended by S.I. 2009/3054.

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Child Trust Funds Regulations 2004
  3. 3Amendment of the Child Trust Funds Regulations 2004
  4. 4Amendment of the Child Trust Funds Regulations 2004
  5. Signature
  6. Explanatory note

1Citation and commencement

These Regulations may be cited as the Child Trust Funds (Amendment No. 2) Regulations 2014 and come into force on 1st July 2014.

2Amendment of the Child Trust Funds Regulations 2004

The Child Trust Funds Regulations 2004f1 are amended as follows.

3Amendment of the Child Trust Funds Regulations 2004

In regulations 9(2) and 9(3) (annual limit on subscriptions), for “£3,840” substitute “£4,000”.

4Amendment of the Child Trust Funds Regulations 2004

In regulation 12(2)—

(a)

in sub-paragraph (q), at the end, for “.” substitute “;”; and

(b)

after sub-paragraph (q), insert—

“(r)

core capital deferred shares within the meaning of regulation 2 of the Building Societies (Core Capital Deferred Shares) Regulations 2013f1, provided that such shares are listed on the official list of a recognised stock exchange.”.

Signature

David Evennett

Anne Milton

Two of the Lords Commissioners of Her Majesty’s Treasury

4th June 2014

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Child Trust Funds Regulations 2004 (S.I. 2004/1450) (“the Regulations”).

Regulation 3 amends regulations 9(2) and 9(3) of the Regulations to increase the overall annual subscription limit in respect of a child’s account from £3,840 to £4,000.

Regulation 4 provides for core capital deferred shares to be a qualifying investment for Child Trust Funds.

A Tax Information and Impact Note covering this instrument has been published on the HMRC website at: http://www.hmrc.gov.uk/thelibrary/tiins.htm.