Explanatory note

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

These Regulations make provision for the transfer of a child trust fund to a junior Individual Savings Account with the same or another provider (see regulation 6) and a number of minor supporting amendments. They also simplify the process for bulk transfers of accounts.

Regulation 11 amends the age at which the “lifestyling” period for a stakeholder account must begin to the child’s 15th birthday (instead of the 13th birthday)^f1.

A Tax Information and Impact Note covering this instrument was published on 31st October 2014 and is available at https://www.gov.uk/government/publications/child-trust-funds-and-junior-individual-savings-account-account-transfers-management-of-accounts-and-lifestyling-of-stakeholder-ctfs. It remains an accurate summary of the impacts that apply to this instrument.