Child Trust Funds Act 2004
| Jurisdiction | UK Non-devolved |
| Citation | 2004 c. 6 |
(1) This Act makes provision about child trust funds and related matters.is held by a child who is or has been an eligible child (see section 2) ,satisfies the requirements imposed by and by virtue of this Act (see section 3) , andhas been opened in accordance with this Act (see sections 5 and 6) .(3) The matters dealt with by and under this Act are to be under the care and management of the Inland Revenue.a person is entitled to child benefit in respect of the child, orentitlement to child benefit in respect of the child is excluded by the provisions specified in subsection (2) (a) or (b) (children in care of authority) ,paragraph 1(c) of Schedule 9 to the Social Security Contributions and Benefits Act 1992 (c. 4) and regulations made under it, and paragraph 1(1) (f) of Schedule 9 to the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7) and regulations made under it.(3) Where entitlement to child benefit in respect of a child is excluded because of a directly applicable F21EU provision or an international agreement, subsection (1) applies as if that exclusion did not apply.(4) Where a person is entitled to child benefit in respect of a child only because of a directly applicable F21EU provision or an international agreement, subsection (1) applies as if the person were not so entitled.does not have the right of abode in the United Kingdom within the meaning given by section 2 of the Immigration Act 1971 (c. 77) ,is not entitled to enter or remain in the United Kingdom by virtue of an enforceable Community right or any provision made under section 2(2) of the European Communities Act 1972, andis not settled in the United Kingdom within the meaning given by section 33(2A) of the Immigration Act 1971,(5A) A child born before 3rd January 2011 who would otherwise have become an eligible child on or after that date is not an eligible child unless subsection (5B) or (5C) applies to the child.a person is entitled to child benefit in respect of the child,the first day for which child benefit is paid falls on or before 3rd January 2011, andeither subsection (5) does not apply to the child at the beginning of 3rd January 2011, or that subsection applies to the child at that time but ceases to apply to the child before 3rd April 2011.the child is in the United Kingdom at the beginning of 3rd January 2011,the provisions specified in subsection (2) (a) or (b) apply in relation to the child before 3rd April 2011, andeither subsection (5) does not apply to the child at the beginning of 3rd January 2011, or that subsection applies to the child at that time but ceases to apply to the child before 3rd April 2011.Chapter 2 of Part 1 of the Social Security Act 1998 (c. 14) , orChapter 2 of Part 2 of the Social Security (Northern Ireland) Order 1998 (S.I. 1998/1506 (N.I. 10) ) ,(7) Regulations may amend subsection (1) by substituting for the reference to 31st August 2002 a reference to an earlier date.(1) A child trust fund may be held only with a person (referred to in this Act as an “account provider”) who has been approved by the Inland Revenue in accordance with regulations.(2) An account is not a child trust fund unless it is an account of one of the descriptions prescribed by regulations.(3) The provision which may be made by regulations under subsection (1) includes making approval of an account provider dependent on the person undertaking to provide accounts of such of the descriptions for which provision is made by regulations under subsection (2) as is prescribed by the regulations.secure that it is held in the name of a child,secure that the child is beneficially entitled to the investments under it,secure that all income and gains arising on investments under it constitute investments under it,prevent withdrawals from it except as permitted by regulationsF25 under this section or any other provision of this Act, andprovide that instructions may be given to the account provider with respect to its management only by the person who has the authority to manage it.(5) Regulations may impose other requirements which must be satisfied in relation to child trust funds.
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