Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Child Trust Funds Regulations 2004 (S.I. 2004/1450). The principal effect of the amendments is to allow extra flexibility in opening accounts close to the expiry date on the voucher: provided a completed application to open an account has been made on or before the expiry date, there is an extra period of 7 days for the voucher to be delivered to the account provider.
Regulation 1 provides for citation and commencement and regulation 2 for amendment of the main Regulations. Regulations 3 to 5 make the technical changes to the rules on opening accounts.
A Regulatory Impact Assessment has not been prepared for this instrument as it has no impact (exceeding the de minimis limit) on business, charities or voluntary bodies.