What is the child trust fund used for?
A Child Trust Fund (CTF) isa long-term tax-free saving account for children. They were designed to encourage children to become savers for their future adult life. You cannot apply for a new CTF because this government scheme is now closed but you can keep an existing CTF.
Can I cash in my child trust fund?
If you already have a Child Trust Fund The money belongs to the child and they can only take it out when they’re 18. They can take control of the account when they’re 16. There’s no tax to pay on the CTF income or any profit it makes.
Does a Child Trust Fund gain interest?
All capital gains, interest payments and any other money (such as dividends) earned on a CTF are free of tax. Children received an additional £250 on their seventh birthday.
When do you get a child trust fund voucher?
You should have received a Child Trust Fund voucher if your child was born between 1 September 2002 and 2 January 2011, or you were eligible for child benefit. You can search for a lost Child Trust Fund at hmrc.gov.uk/tools/childtrustfundclaim/ctfaccount, but you can only search if you are the child’s parent, step-parent or legal guardian.
Are there any child trust funds in the UK?
There are estimated to be some 1.5 million forgotten Child Trust Funds in the UK; savings accounts that were launched by the Labour Government to help families save money for their children.
Can a parent withdraw money from a child trust fund?
Parents and guardians received a voucher to deposit in a Child Trust Fund ( CTF) account on behalf of the child. At 16 years, the child can choose to operate their account or have their parent continue to operate it, but they cannot withdraw the funds.
How long does it take for HMRC to send child trust fund details?
HMRC will send you details of the Child Trust Fund provider by post within 3 weeks of receiving your request. HMRC will contact you for more information if you’ve adopted the child or a court has given you parental responsibility for them.
You should have received a Child Trust Fund voucher if your child was born between 1 September 2002 and 2 January 2011, or you were eligible for child benefit. You can search for a lost Child Trust Fund at hmrc.gov.uk/tools/childtrustfundclaim/ctfaccount, but you can only search if you are the child’s parent, step-parent or legal guardian.
There are estimated to be some 1.5 million forgotten Child Trust Funds in the UK; savings accounts that were launched by the Labour Government to help families save money for their children.
HMRC will send you details of the Child Trust Fund provider by post within 3 weeks of receiving your request. HMRC will contact you for more information if you’ve adopted the child or a court has given you parental responsibility for them.
How can I find out if my child has a lost trust fund?
Here’s how to find out if your child has a lost Child Trust Fund and how you can access it. How do I find a lost Child Trust Fund? You should have received a Child Trust Fund voucher if your child was born between 1 September 2002 and 2 January 2011, or you were eligible for child benefit.