Changes to the Child Trust Fund (CTF)
The new Child Trust Fund (CTF) Bulletin confirms that children born after 3 January 2011 are not eligible for the CTF and do not qualify for any payments.
Children born after 31 August 2002 and before 3 January 2011 are entitled to a CTF account provided:
- They were living in the UK before 3 January 2011
- Child Benefit was first paid for a day before 4 January 2011, or they became looked after before 3 April 2011, and
- If they were subject to immigration controls, those controls were lifted before 3 April 2011.
This change is as a result of the Government’s plans to reduce and ultimately cease making CTF payments.
The Government have not made any changes in relation to additional contributions by an existing CTF holder’s family and friends who will remain able to contribute up to an overall total of £1,200 a year. It is also still possible to change the type of account and/or move it to another provider.