Amendment of the Child Trust Funds Regulations 2004
6. After regulation 20, insert—
“Transfers to other accounts for children
20A.—(1) An account provider must at the request of the registered contact—
(a)transfer all the investments under the child trust fund, or an amount representing their value in cash, to a protected child account(1) that is provided by a person chosen by the registered contact, and
(b)when all the investments have been transferred, close the child trust fund.
(2) An account is only a protected child account for the purposes of section 7A(2) of the Act if it satisfies the condition of being a junior ISA account within regulation 2B of the Individual Savings Account Regulations 1998(2).”.
Section 7A(2) of the Child Trust Funds Act 2004 defines “protected child account”.
S.I. 1998/1870; relevant amending instrument is S.I. 2011/1780.