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The Child Trust Funds (Amendment) Regulations 2006

S.I. 2006/199 · Made 31 January 2006

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 31st January 2006

Laid before Parliament 31st January 2006

Coming into force 7th February 2006

The Treasury, in exercise of the powers conferred upon them by sections 3, 5(1), (4) and (5), 8(1) and 28(1) to (4) of the Child Trust Funds Act 2004f1, make the following Regulations:

Annotations to the whole text

Footnotes

f1

2004 c. 6.

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. 5Amendment of the Child Trust Funds Regulations 2004
  6. Signature
  7. Explanatory note

1Citation and commencement

These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2006 and shall come into force on 7th February 2006.

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 regulation 3(3) omit “(when the voucher shall cease to be valid)”.

4Amendment of the Child Trust Funds Regulations 2004

In regulation 5—

(a)

in paragraph (1)—

(i)

for “paragraph (2)” substitute “paragraphs (1A) and (2)”;

(ii)

in Condition 1 add at the end “not later than 7 days after its expiry date”;

(b)

after paragraph (1) insert—

“(1A)

The application to open the account must be made, and Condition 2 satisfied, not later than the expiry date of the voucher.”

5Amendment of the Child Trust Funds Regulations 2004

In regulation 30(5)(a) omit “(by means of a voucher)”.

Signature

Dave Watts

Tom Watson

Two of the Lords Commissioners of Her Majesty’s Treasury

31st January 2006

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Child Trust Funds Regulations 2004 (S.I. 2004/1450). The principal effect of the amendments is to allow extra flexibility in opening accounts close to the expiry date on the voucher: provided a completed application to open an account has been made on or before the expiry date, there is an extra period of 7 days for the voucher to be delivered to the account provider.

Regulation 1 provides for citation and commencement and regulation 2 for amendment of the main Regulations. Regulations 3 to 5 make the technical changes to the rules on opening accounts.

A Regulatory Impact Assessment has not been prepared for this instrument as it has no impact (exceeding the de minimis limit) on business, charities or voluntary bodies.