Comment: | The Child Trust Fund (CTF) is a long-term savings and investment account designed to give children a financial head start in life. Every child born on or after 1st. September 2002 is eligible for a Child Trust Fund account if they live in the UK, Child Benefit has been awarded for them and they are not subject to immigration restrictions.
Each child will automatically receive a £250.00 voucher from the Government to start their account. Another payment of £250.00 will be made to each child around their seventh birthday. Children who are part of a lower income household will also receive an extra payment of £250.00. The money in the CTF account cannot be taken out by anyone but your child, and they can only do so after their eighteenth birthday.
Money in your child's account will not affect any benefits or tax credits you receive, and neither you nor your child will pay tax on money earned in a CTF account.
|
