Missing Child Trust Fund
If your child was born between 1 September 2002 and 2 January 2011, you should have set up a child trust fund.
There are chances that you cannot remember where you opened the account. There is a simple way to find out. You can use HMRC’s online tracking tool.
Here is an interesting bit for those who don’t know about the Child Trust Fund.
What is Child Trust Fund?
A Child Trust Fund (CTF) is long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011.
Can I apply for the account now?
Unfortunately, you cannot apply for a new account because the scheme is now closed. You can apply for a Junior ISA instead.
How much can you invest in the account?
You can put up to £9,000 a year into the account – the year starts on the child’s Birthday and ends the day before their next Birthday.
Who owns the money in the account?
The child owns this money, and the child can get the money on their 18th Birthday.
Managing the account
If you’re the main contact for the Child Trust Fund (CTF) account you’re called the ‘registered contact’. You have certain responsibilities until the child turns 18, or until the child takes control of their own account.
Your responsibilities as the registered contact
You’re the only person who can:
- tell the account provider how to invest the fund and run the account
- change the address and other personal details
- change the type of account, for example from cash to stocks and shares
- move the account to another provider
Contact your CTF provider to do this.
Moving to a different account
You can transfer a CTF account to a Junior ISA. Contact a Junior ISA provider to do this.
