Child Trust Funds
Savings and investment advice” width=”200″ height=”133″ />The Government is giving every eligible child born on or after 1st September 2002 a voucher for at least £250 to open a Child Trust Fund (CTF) and start their savings.
There are two types of CTF, a Stakeholder and a Non-Stakeholder. Both accounts have a number of features in common, as detailed below:
- Only children born on or after 1st September 2002 are eligible
- All payments are a gift to the client and cannot be reclaimed by the payer
- The money can only be paid out to the child and is locked until they are 18
- Family and friends can pay in up to an overall total of £1,200 between them
- A tax free lump sum payout for the child at age 18
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