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The Child Trust Funds (Amendment) Regulations 2024

S.I. 2024/349 · Made 11 March 2024

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 11th March 2024

Laid before Parliament 12th March 2024

Coming into force 6th April 2024

The Treasury make these Regulations in exercise of the powers conferred by sections 3(5) and 28(2) and (3) of the Child Trust Funds Act 2004f1.

Annotations to the whole text

Footnotes

f1

2004 c. 6; section 3 was amended by sections 60 to 62 of the Deregulation Act 2015 (c. 20).

Contents

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

1Citation and commencement

These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2024 and come into force on 6th April 2024.

2Amendment of the Child Trust Funds Regulations 2004

(1)

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

(2)

In regulation 2 (interpretation), in paragraph (1)—

(a)

in sub-paragraph (b), in the definition of “non-UCITS retail scheme”, in paragraph (b) after “by virtue of section” insert “271Af2 or”;

(b)

in sub-paragraph (c), in the definition of “recognised UCITS”—

(i)

omit paragraph (a);

(ii)

for paragraph (c) substitute—

“(c)

a recognised scheme by virtue of section 271A or 272 of FISMA 2000f3 that is a UCITS within the meaning given by section 236Af4 of that Act;”.

(3)

In regulation 14 (account provider - qualifications and Board’s approval), in paragraph (2)(f) omit paragraph (i).

Signature

Joy Morrissey

Scott Mann

Two of the Lords Commissioners of His Majesty's Treasury

11th March 2024

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Child Trust Funds Regulations 2004 by:

  • updating definitions relating to certain investment funds (regulation 2(2)), and

  • removing a provision which allowed certain institutions based in EU member states to conduct business without being present in the United Kingdom (regulation 2(3)).

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