Explanatory note
(This note is not part of the Regulations)
These Regulations amend the Child Trust Funds Regulations 2004 (S.I. 2004/1450).
Regulations 4(a) and (c) and 6 amend provisions concerned with the kind of investments which may be purchased, made or held under an account (“qualifying investments”) to provide that securities issued by a registered society and securities admitted to trading on a recognised stock exchange in the European Economic Area are qualifying investments.
Regulations 4(b), 5, 7 and 8 amend provisions concerned with the requirements as to who can manage and transfer an account to give a child of 16 or over a choice as to whether they assume responsibility to manage their account.
Regulation 9 amends provisions concerned with the authority of the Official Solicitor or Accountant of Court to manage a child’s account to permit the Official Solicitor or Accountant of Court to manage an account where the child is 16 or over and does not wish to do so themselves. Regulation 9 extends the reporting requirement on a local authority to reflect this change.
A Tax Information and Impact Note covering the changes made by this instrument to the management of Child Trust Funds was published on 31st October 2014 alongside draft legislation amending the Child Trust Funds Regulations 2004 following changes made by the Deregulation Act 2015 to the Child Trust Funds Act 2004 and is available on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.
A Tax Information and Impact Note covering the remaining aspects of this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.