New Child Trust Fund payments
The rules relating to Child Trust Funds have been amended and the changes will come into force from 6 April 2009. As readers may be aware babies born since 1 September 2002 are eligible for the Child Trust Fund payment of £250 with a further £250 available to children born to lower income families.
Additional payments are due to children when they reach the age of seven and the first set of children this affects will turn seven later this year.
The rules are also being amended so as to extend the previous three month limit for payment eligibility to one year. This amendment is being implemented following issues raised by the Treasury Select Committee who were concerned that some vulnerable parents may miss the original three month deadline.