The Child Trust Funds (Amendment No. 3) Regulations 2010

Amendments to the Child Trust Funds Regulations 2004

3.—(1) Regulation 7 (government contributions)(1) is amended as follows.

(2) In paragraph (1)—

(a) for “(4)” (where it first appears) substitute “(4B)”;

(b) for “(2) and (4)(a)” substitute “(2), (4)(a) and (4A)”;

(c) for “(3) and (4)(b)” substitute “(3), (4)(b) and (4B)”.

(3) In paragraph (4) for “Where” substitute “Subject to paragraphs (4A) and (4B), where”.

(4) After paragraph (4) insert—

“(4A) Where a child—

(a) is first an eligible child by virtue of section 2(1)(a) of the Act, and

(b) the commencement date for the child (see paragraph (8)) is after the relevant 2010 date (see paragraph (10E)),

the amount is £50.

(4B) Where a child—

(a) is first an eligible child by virtue of section 2(1)(b) of the Act, and

(b) either—

(i) is born on or after the relevant 2010 date, or

(ii) is first in the United Kingdom (other than temporarily) on or after the relevant 2010 date, or

(iii) becomes an eligible child on or after 3 months (less one day) after the relevant 2010 date,

the amount is £100.”

(5) In paragraph (7) for “Where” substitute “Subject to paragraph (7A), where”.

(6) After paragraph (7) insert—

“(7A) Where the child is one to whom section 9 of the Act applies, and the commencement date for the child is after the relevant 2010 date, the amount is £50.”

(7) In paragraph (8), omit sub-paragraph (b) and the word “and” which precedes it.

(8) In each of paragraphs (10) and (10A)(2) for “£250” substitute “£50”.

(9) After paragraph (10C) insert—

“(10D) Her Majesty’s Revenue and Customs must inform the account provider holding the child’s account where an amount is payable to the account under paragraph (10) or (10A).

(10E) In this regulation, “the relevant 2010 date” means—

(a) 2^nd August 2010; or

(b) if later, the day on which regulation 3 of the Child Trust Funds (Amendment No. 3) Regulations 2010 came into force.”

(1)

Regulation 7 was amended by S.I. 2004/3369, 2005/383 and 2009/475.

(2)

Paragraphs (10A) to (10C) were inserted by S.I. 2009/475.