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The Child Trust Funds (Amendment) Regulations 2017

S.I. 2017/185 · Made 21 February 2017

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 21st February 2017

Laid before Parliament 22nd February 2017

Coming into force 6th April 2017

The Treasury make these Regulations in exercise of the powers in sections 3(1) and (10), 12(2), 15 and 28(1) and (2) of the Child Trust Funds Act 2004f1.

Annotations to the whole text

Footnotes

f1

2004 c. 6; section 3(10) was amended by sections 60(1), (2) and 61(1) and (4) of the Deregulation Act 2015 (c. 20).

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. 6Amendment of the Child Trust Funds Regulations 2004
  7. 7Amendment of the Child Trust Funds Regulations 2004
  8. 8Amendment of the Child Trust Funds Regulations 2004
  9. Signature
  10. Explanatory note

1Citation and commencement

These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2017 and come into force on 6th April 2017.

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 2 (interpretation)—

(a)

in paragraph (1)(b) for the definition of “investment trust”, substitute—

  • ““investment trust”f1 means an investment trust within the meaning of section 1158 of the Corporation Tax Act 2010f2;”; and

(b)

in paragraph (2) for “33(1)” in both places it appears, substitute “33A(6)f3”.

4Amendment of the Child Trust Funds Regulations 2004

In regulation 9(2) and (3) (annual limit on subscriptions)f1 for “£4,080”, substitute “£4,128”.

5Amendment of the Child Trust Funds Regulations 2004

In regulation 14(2)(d)(i) (account provider-qualifications and Board’s approval)f1 for “51”, substitute “51ZA, 51ZC, 51ZEf2”.

6Amendment of the Child Trust Funds Regulations 2004

In regulation 21 (transfer of accounts) —

(a)

in paragraph (4) omit “and the declaration specified in paragraph (6)”;

(b)

in paragraph (4A)f1 omit from “and the declaration” to the end; and

(c)

omit paragraph (6).

7Amendment of the Child Trust Funds Regulations 2004

In regulation 33A (The Official Solicitor or Accountant of Court to be the person who has the authority to manage an account)—

(a)

in paragraph (2), Condition 5—

(i)

in sub-paragraph (a) omit “and Wales”; and

(ii)

after that sub-paragraph insert —

“(ab)

in Wales, has the meaning in section 76 of the Social Services and Well-being (Wales) Act 2014f1;”; and

(b)

in paragraph (6), in the definition of “looked after child”—

(i)

in sub-paragraph (a) omit “and Wales” and, at the end, “and”; and

(ii)

after that sub-paragraph insert —

“(ab)

in Wales means looked after by a local authority within the meaning of section 74 of the Social Services and Well-being (Wales) Act 2014; and”.

8Amendment of the Child Trust Funds Regulations 2004

In the Schedule, in paragraph 2 (characteristics of stakeholder account etc.)—

(a)

in sub-paragraph (2)(c)(ii) for “; and” substitute“.”;

(b)

omit sub-paragraph (2)(d); and

(c)

in sub-paragraph (6) omit the definition of “lifestyling”.

Signature

Robert Syms

Guto Bebb

Two of the Lords Commissioners of Her Majesty’s Treasury

21st February 2017

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Child Trust Funds Regulations 2004 (S.I.2004/1450) (“the Child Trust Funds Regulations”). They provide for the annual limit on subscriptions to be increased from £4,080 to £4,128 (regulation 4); the removal of the requirement for lifestyling (regulation 8) and make minor changes to take account of changes in other legislation referred to in the Child Trust Funds Regulations.

A Tax Information and Impact Note covering this Instrument will be published on the HM Government website at: https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.