The Child Trust Funds (Amendment) Regulations 2004
| Jurisdiction | UK Non-devolved |
| Citation | SI 2004/2676 |
| Year | 2004 |
2004 No. 2676
CHILD TRUST FUNDS
The Child Trust Funds (Amendment) Regulations 2004
Made 14th October 2004
Laid before Parliament 14th October 2004
Coming into force in accordance with regulation 1
The Treasury, in exercise of the powers conferred upon them by sections 3(1) to (5), 5, 7, 8(1), 13, 16 and 28(1) to (4) of the Child Trust Funds Act 2004 (“the Act”)1, hereby make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2004 and shall come into force on the day appointed under section 27 of the Act, for the purposes of sections 8 and 9 of the Act.
Amendments to the Child Trust Funds Regulations 2004
The Child Trust Funds Regulations 2004 are amended as follows.
2. The Child Trust Funds Regulations 20042are amended as follows.
3. In regulation 2(1)(b) insert after the definition of “assurance undertaking”—
““Bank of England base rate” means the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short-term liquidity in the money markets;”.
4. In regulation 6 add the following paragraph at the end—
“5 The Inland Revenue shall write to the person who is entitled to child benefit in respect of the child (or, in the case of a child who is an eligible child because of section 2(3) of the Act, to a responsible person in relation to the child) to inform them of the opening of the account and particulars of it.”.
5. In regulation 7—
(a) in paragraph (4) for “is born” substitute “becomes an eligible child”; and
(b) add the following paragraph at the end—
“9 The Inland Revenue shall, following final determination of entitlement to child tax credit, write to the person who is entitled to child benefit in respect of the child (or, in the case of a child who is an eligible child because of section 2(3) of the Act, to a responsible person in relation to the child) to inform them that the supplementary contribution is being paid into the child’s account.”.
6. In regulation 8(2) after sub-paragraph (h) insert—
“(ha)
“(ha) where the account is or has been transferred to the account provider by a transfer under regulation 21, that no charges or expenses are due in respect of that transfer, except in accordance with sub-paragraph (h);”.
7. In regulation 10—
(a) in paragraph (2)(a) for “60” substitute “61”;
(b) in paragraph (4)(i) for “claimed by the account provider under regulation 30” substitute “(see regulation 7) received by the account provider”;
(c) add the following paragraph at the end—
“5 As an alternative to the information in paragraph (4)(k), the statement may include, in relation to any management charges or other incidental expenses deducted from the account during the period in paragraph (4)(i)—
(a) the rate, expressed as an annual percentage rate, at which, and the period in relation to which, such deductions were made, or
(b) where such deductions were made in relation to different periods at different rates—
(i) each rate, expressed as an annual percentage rate, at which those deductions were made; and
(ii) the period in relation to which they were made at that rate.”.
8. In regulation 12(9)(b)(iii) add at the end “except in accordance with regulation 18A (terminal illness)”.
9. In regulation 13—
(a) in paragraph (3)(b)(i) after “responsibility” insert “or, in Scotland, parental responsibilities”;
(b) in paragraph (5)(c) add at the end “and date of birth”;
(c) add at the end—
“11 Where the new registered contact is the Official Solicitor or the Accountant of Court, he shall make the declaration and authorisation required by paragraphs (3)(c) and (4).”.
10. In regulation 14(3) for “prior to discussing” substitute “before commencement of completion of”.
11. In regulation 18 after paragraph (a) insert—
“(ab)
“(ab) in accordance with regulation 18A, or”.
12. After regulation 18 insert—
“Permitted withdrawals from an account where the child is terminally ill
18A.—(1) A person with parental responsibility (or, in Scotland, parental responsibilities) for the named child (including a local authority, but excluding a person under 16), or the named child if 16 or over, may make a claim to the Board, for withdrawals from an account to be permitted in accordance with this regulation.
(2) The claim shall be—
(a)
(a) made in a manner prescribed by the Board, which shall include the giving of any consent necessary for the verification or consideration of the claim, and
(b)
(b) accepted in either of the following...
To continue reading
Request your trial