- Latest available (Revised)
- Original (As made)
The Child Trust Funds Regulations 2004
You are here:
- UK Statutory Instruments
- 2004 No. 1450
- PART 2
- Regulation 11
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
More Resources
Changes over time for: Section 11
Changes to legislation:
There are currently no known outstanding effects for the The Child Trust Funds Regulations 2004, Section 11.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
General investment rulesU.K.
This section has no associated Explanatory Memorandum
11.—(1) All transactions by way of purchase by an account provider of investments under an account shall be made—
(a)in the case of an authorised fund which is a dual priced unit trust, at the [F1maximum sale price of a unit of the relevant class at the relevant valuation point] within the meaning of, and complying with the requirements of, [F2[F3paragraphs] 6.3.5 and 6.3.5B] of the [F4COLL];
(b)in the case of an authorised fund which is a single priced unit trust or an open-ended investment company, at the price of a unit [F5of the relevant class at the relevant valuation point] within the meaning of, and complying with the requirements of, [F6[F7paragraphs] 6.3.5 and 6.3.5A] of the [F8COLL]; and
(c)in the case of all other account investments, at the price for which those investments might reasonably be expected to be purchased in the open market.
(2) In paragraph (1)—
“a dual priced unit trust” means an authorised unit trust in respect of which the manager gives different prices for buying and selling units at the same time;
“a single priced unit trust” means an authorised unit trust in respect of which the manager gives the same price for buying and selling units at the same time.
[F9(3) All other transactions by way of sale or otherwise by an account provider in investments under account, and all transactions by way of trade or otherwise of an investment in fractional interests—
(a)shall be made at the price for which those investments might reasonably be expected to be sold or otherwise transacted, as the case may be, in the open market, and
(b)in the case of transactions in fractional interests, the price shall be proportionate to the size of the fraction relative to the whole share.]
(4) Investments, or rights in respect of investments, may not at any time—
(a)be purchased or made otherwise than out of cash which an account provider holds under an account at that time; or
(b)be purchased from—
(i)the named child, or
(ii)the spouse [F10or civil partner] of the named child,
so as to become account investments under the account.
(5) Subject to paragraph (6), contributions, subscriptions and any other cash held by an account provider under an account shall be held only in sterling and be deposited in an account with a deposit-taker [F11(including for this purpose a credit union)], or a deposit account or a share account with a building society, which is designated as a CTF account for the purposes of these Regulations only.
(6) An account provider who is a European institution, a relevant authorised person or an assurance undertaking may hold an account investor’s cash subscription and other cash held under an account in the currency of the EEA State in which he has his principal place of business and may deposit such cash in an account, which is designated as mentioned in paragraph (5), with any person authorised under the law of that State to accept deposits.
Textual Amendments
F1Words in reg. 11(1)(a) substituted (6.4.2010) by The Child Trust Funds (Amendment) Regulations 2010 (S.I. 2010/582), regs. 1, 4(a)(i)
F2Words in reg. 11(1)(a) substituted (6.4.2010) by The Child Trust Funds (Amendment) Regulations 2010 (S.I. 2010/582), regs. 1, 4(a)(ii)
F3Word in reg. 11(1)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 93(c)(i)(aa)
F4Word in reg. 11(1)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 93(c)(i)(bb)
F5Words in reg. 11(1)(b) substituted (6.4.2010) by The Child Trust Funds (Amendment) Regulations 2010 (S.I. 2010/582), regs. 1, 4(b)(i)
F6Words in reg. 11(1)(b) substituted (6.4.2010) by The Child Trust Funds (Amendment) Regulations 2010 (S.I. 2010/582), regs. 1, 4(b)(ii)
F7Word in reg. 11(1)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 93(c)(ii)(aa)
F8Word in reg. 11(1)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 93(c)(ii)(bb)
F9Reg. 11(3) substituted (4.11.2024) by The Child Trust Funds (Amendment) (No. 2) Regulations 2024 (S.I. 2024/1023), regs. 1, 4
F10Words in reg. 11(4)(b)(ii) inserted (5.12.2005) by The Civil Partnership Act 2004 (Tax Credits, etc.) (Consequential Amendments) Order 2005 (S.I. 2005/2919), arts. 1, 15(2)
F11Words in reg. 11(5) inserted (6.4.2005) by The Child Trust Funds (Amendment No. 2) Regulations 2005 (S.I. 2005/909), regs. 1, 4
Options/Help
Print Options
PrintThe Whole Instrument
PrintThe Whole Part
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.