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The Child Trust Funds Regulations 2004

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Exemption from tax of account income and gainsU.K.

This section has no associated Explanatory Memorandum

24.  Subject to compliance with these Regulations (and in particular regulation 9)—

(a)no tax shall be chargeable on the account provider or his nominee, or on the named child or registered contact (on his behalf)—

(i)in respect of interest, dividends, distributions or gains in respect of account investments [F1(excluding any building society bonus)],

[F2(ia)in respect of alternative finance return or profit share return paid by a financial institution (within the meanings in Chapter 5 of Part 2 of the Finance Act 2005);]

[F3(ib)in respect of a payment under a building society bonus scheme, so far as the payment is calculated by reference to account investments (and if paid directly by the society into the account, the payment shall not count towards the subscription limit in regulation 9);]

(ii)on any annual profits or gains treated [F4under Part 12 of ITA 2007] as having been received by any of them in respect of account investments,

(iii)on an offshore income gain to which a disposal made by any of them of an account investment gives rise, which is treated by section 761(1) of the Taxes Act as constituting profits or gains,

[F5(iv)on a profit on the disposal of a deeply discounted security within the meaning given by section 430 of ITTOIA 2005], or

(v)in respect of gains treated [F6under Chapter 9 of Part 4 of ITTOIA 2005] as arising in connection with a policy of life insurance which is an account investment;

(b)losses accruing on any disposal of account investments shall be disregarded for the purposes of capital gains tax;

[F7(ba)any gain or loss accruing on and attributable to a payment within paragraph (ib) of sub-paragraph (a) shall not be a chargeable gain or allowable loss for capital gains tax purposes;]

(c)[F8section 935 of ITA 2007] shall apply with the following modifications—

(i)for references to a plan manager, substitute references to an account provider,

(ii)for references to a plan, substitute references to an account, and

(iii)for the reference to [F9Chapter 3 of Part 6 of ITTOIA 2005], substitute a reference to the Act;

(d)[F10a deficiency arising in a tax year and falling within section 539(1) of ITTOIA 2005], so far as it relates to a policy of life insurance which is an account investment, shall not be allowable as a deduction from the total income of the named child;

(e)relief in respect of tax shall be given in the manner and to the extent provided by these Regulations; and

(f)income arising from account investments shall not be regarded as income for any income tax purposes (including [F11section 629 of ITTOIA 2005]).

Textual Amendments

F4Words in reg. 24(a)(ii) substituted (6.4.2010) by The Child Trust Funds (Amendment) Regulations 2010 (S.I. 2010/582), regs. 1, 12(a)

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