The Child Trust Funds (Amendment) Regulations 2010
| Jurisdiction | UK Non-devolved |
| Citation | SI 2010/582 |
| Year | 2010 |
2010 No. 582
Child Trust Funds
The Child Trust Funds (Amendment) Regulations 2010
Made 3rd March 2010
Laid before Parliament 4th March 2010
Coming into force 6th April 2010
The Treasury make the following Regulations in exercise of the powers conferred by sections 3(1) and (5), 7, 13, 15, 16 and 28(1) to (3) of the Child Trust Funds Act 20041:
Citation and commencement
1. These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2010 and shall come into force on 6th April 2010.
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.—(1) In regulation 2(1)(b) (interpretation)—
(a)
(a) in the definition of “account” for “relevant European institution” substitute “credit union”;
(b)
(b) in the definition of “deposit-taker” for “section 481(2) of the Taxes Act” substitute “section 853 (as extended under section 854) of ITA 20073”;
(c)
(c) in the definition of “investment trust” omit the words from “, and references” to the end;
(d)
(d) omit the definitions of “the New Collective Investment Schemes Sourcebook” and “relevant European institution”;
(e)
(e) in each of the definitions of “non-UCITS retail scheme” and “qualifying units in or shares of a non-UCITS retail scheme”, in paragraph (a), omit “New”;
(f)
(f) for the definition of “relevant authorised person” substitute—
““relevant authorised person” means a firm mentioned in section 697(2)(b) of ITTOIA 20054”;
(g)
(g) insert at the appropriate places—
““adoption order” has the meaning in section 46(1) of the Adoption and Children Act 20025or section 28 of the Adoption and Children (Scotland) Act 20076or of “Adoption Order” in Article 2(2) of the Adoption (Northern Ireland) Order 19877, as the case may be, and includes any corresponding order under the Adoption (Scotland) Act 19788, and any order of a court in the Isle of Man or any of the Channel Islands which, under section 108 of the Adoption and Children Act 2002, is declared to correspond to an adoption order made under that Act;
“FISMA 2000” means the Financial Services and Markets Act 20009;”
“guardian” means a guardian of a child within the meaning in section 5 of the Children Act 198910, section 7 of the Children (Scotland) Act 199511or Article 2(2) of the Children (Northern Ireland) Order 199512, as the case may be;”
“ITA 2007” means the Income Tax Act 2007;”
“ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;”
“special guardian” has the meaning in section 14A of the Children Act 198913;”.
(2) In regulation 2(1)(c)—
(a)
(a) in the definition of “authorised fund” in paragraph (ii) omit “with variable capital incorporated in the United Kingdom”;
(b)
(b) omit the definitions of “fund of funds scheme”, “money market scheme”, “securities scheme”, “the 1997 Regulations” and “warrant scheme”;
(c)
(c) in the definition of “open-ended investment company” for the words from “, except in” to “1997 Regulations” substitute “means a company to which section 236 of FISMA 2000 applies”;
(d)
(d) omit the definitions of “unit holder”, “unit trust scheme” and “UCITS”;
(e)
(e) in the definition of “umbrella scheme”—
(i) in paragraph (i) for the words following “Taxes Act” substitute “and paragraphs (6) and (7) of regulation 7 of the Authorised Investment Funds (Tax) Regulations 200614shall apply for the purposes of these Regulations as they apply for the purposes of those Regulations”;
(ii) in paragraph (ii) for the words following “in accordance with” substitute “subsection (4) of section 468A of the Taxes Act15, and paragraphs (2) and (3) of regulation 7 of the Authorised Investment Funds (Tax) Regulations 2006 shall apply for the purposes of these Regulations as they apply for the purposes of those Regulations”;
(f)
(f) insert at the appropriate places—
““insolvency event” means the procedures listed in the definition of “insolvency event” in regulation 19(15) of the Payment Services Regulations 200916;”;
“recognised UCITS” means—
(a) a collective investment scheme constituted in an EEA State, which is a “recognised scheme” under section 264 of FISMA 2000, and complies with the requirements to be a “UCITS scheme” for the purposes of the Collective Investment Schemes Sourcebook (see in particular COLL 1.2.2), or
(b) a part of a recognised UCITS mentioned in paragraph (a) of this definition, which would be a sub-fund of an umbrella scheme which is a recognised UCITS;”;
“UK UCITS” means—
(a) a collective investment scheme authorised under section 31(1)(a) of FISMA 2000, which complies with the requirements to be a “UCITS scheme” for the purposes of the Collective Investment Schemes Sourcebook (see in particular COLL 1.2.2), or
(b) a part of a UK UCITS mentioned in paragraph (a) of this definition which would be a sub-fund of an umbrella scheme which is a UK UCITS;”;
“units in, or shares of, a UK UCITS or recognised UCITS” means the rights (however described) of the holders of the units or shares in that UK UCITS or recognised UCITS; ”.
4. In regulation 11(1) (general investment rules)—
(a) in sub-paragraph (a)—
(i) for “manager’s price for the sale of the relevant class of units” substitute “maximum sale price of a unit of the relevant class at the relevant valuation point”;
(ii) for “rule 15.4.4” substitute “rules 6.3.5 and 6.3.5B”;
(b) in sub-paragraph (b)—
(i) for “or share” substitute “of the relevant class at the relevant valuation point”;
(ii) for “rule 4.3.11” substitute “rules 6.3.5 and 6.3.5A”.
5. In regulation 12 (qualifying investments for an account)17—
(a) in paragraph (2)(b)—
(i) after paragraph (i) add “and”;
(ii) omit paragraph (iii) and the word “and” which precedes it;
(b) in paragraph (2)(f) omit the words from “, in circumstances” to the end;
(c) omit paragraph (2)(g) and (h);
(d) for paragraph (2)(i) substitute—
“(i)
“(i) units in, or shares of, a UK UCITS or recognised UCITS;”;
(e) in paragraph (2)(k) for the words from “section 840A(1)(b)” to “institution” substitute “section 991 of ITA 2007 (including for this purpose a credit union)”;
(f) omit paragraph (6);
(g) in paragraph (9)(d)(ii) for “regulation 2(1) of the Personal Portfolio Bonds (Tax) Regulations 1999” substitute “section 516 of ITTOIA 2005”;
(h) for paragraph (12)(b)(i) substitute—
“(i)
“(i) the end of the final insurance year in relation to the policy, within the meaning given by section 499 of ITTOIA 2005,”.
6. In regulation 13(7) (conditions for application by responsible person to change an account)—
(a) after sub-paragraph (d) insert—
“(da)
“(da) where the new registered contact has been appointed to be a guardian or special guardian of the named child,
(db)
(db) where the new registered contact is the adopter of the named child under an adoption order,”;
(b) at the end add “, and in the cases in sub-paragraphs (a) to (f) it shall be treated as automatically cancelled”.
7. In regulation 14(2) (account provider – qualifications and Board’s approval)—
(a) in paragraph (d)(iii) for the words from “, a person” to the end substitute “or a person falling within section 991 of ITA 2007 (including for this purpose a credit union)”;
(b) in paragraph (e) for the words from “requirement” to the end substitute “limitation or requirement imposed under section 42 or 43 of FISMA 200018, or by any prohibition or prohibition order in or made under that Act”.
8. In regulation 15(2)(a) (account provider - appointment of tax representative) for “sub-section (5) of section...
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