the following expressions have the meanings given in the Child Trust Funds Act 2004 (“the Act”)—

• “child”

• “child trust fund”

• “eligible child”

• F2“the income threshold” (see section 9(6) of the Act)

• “Inland Revenue”

• “Inland Revenue contributions” (see section 11(2) of the Act),

• “parental responsibility” (see section 3(9) of the Act);

• F2“the relevant income” (see section 9(6) of the Act)

• “relevant person” (see section 15(2) of the Act),

• F2“relevant social security benefit” (see section 9(6) of the Act)

• “responsible person” F3... (see section 3(8) of the Act),

• F2“tax year” (see section 9(6) of the Act)

• “the person entitled to child benefit in respect of the child” (see section 2(1)(a), (4) and (6) of the Act);

except where the context otherwise requires—

• “account” means a scheme of investment which (except in regulation 22(1)) qualifies as a child trust fund, other than in the cases of—

  1. (i)

     an account with a deposit-taker,

  2. (ii)

     a share or deposit account with a building society, or

  3. (iii)

     a deposit account with a person falling within F4section 991(2) of the Income Tax Act 2007, or a F5credit union;

• an “account investment” is an investment under the account which is a qualifying investment for an account within the meaning of regulation 12;

• an “account provider” is a person who fulfils the conditions of these Regulations and is approved by the Board for the purpose of these Regulations as an account provider;

• F6“adoption order” has the meaning in section 46(1) of the Adoption and Children Act 2002 or section 28 of the Adoption and Children (Scotland) Act 2007 or of “Adoption Order” in Article 2(2) of the Adoption (Northern Ireland) Order 1987, as the case may be, and includes any corresponding order under the Adoption (Scotland) Act 1978, and any order of a court in the Isle of Man or any of the Channel Islands which, under section 108 of the Adoption and Children Act 2002, is declared to correspond to an adoption order made under that Act;

• “appointed day” means the day appointed, under section 27 of the Act, for the purposes of sections 8 and 9 of the Act;

• “assurance undertaking” F7means a direct life insurance undertaking within the meaning of Article 2 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);

• F8“Bank of England base rate” means the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short-term liquidity in the money markets;

• F9“the Board” means the Commissioners for Her Majesty’s Revenue and Customs;

• “building society” means a building society within the meaning of the Building Societies Act 1986 M1, or the Irish Building Societies Act 1989 M2;

• F10“building society bonus”, except in regulation 24(a)(i), excludes any bonus, distribution of funds or the conferring of rights in relation to shares—

  1. (a)

     in connection with an amalgamation, transfer of engagements or transfer of business of a building society, and

  2. (b)

     mentioned in section 96 or 100 of the Building Societies Act 1986,

  and “payment under a building society bonus scheme” shall be construed accordingly;

• “company”, except in regulation 12(4)(a), means any body corporate having a share capital other than—

  1. (i)

     an open-ended investment company, within the meaning given by section 236 of the Financial Services and Markets Act 2000M3, F11or

  2. (ii)

     a UCITS F12;

  3. (iii)

     F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  4. (iv)

     F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F14“credit union” means a society registered as a credit union under the Industrial and Provident Societies Act 1965 or the Credit Unions (Northern Ireland) Order 1985;

• “deposit-taker” has the meaning given by F15section 853 (as extended under section 854) of ITA 2007;

• “the Director of Savings” has the same meaning as in the National Debt Act 1972 M4;

• “the Distance Marketing Directive” means Directive 2002/65/EC of the European Parliament and of the Council of 23rd September 2002 M5, and includes any provisions by which an EEA State or the United Kingdom has transposed the Directive or has corresponding obligations in its domestic law, and “distance contract” has the meaning in that Directive;

• “electronic communications” includes any communications by means of a telecommunication system (within the meaning in the Telecommunications Act 1984 M6);

• F16...

• F16...

• F17“European institution” means—

  1. (a)

     a person who is treated as having permission to carry on a regulated activity in the United Kingdom under Part 4A of the Financial Services and Markets Act 2000 by regulation 8, 11, 28 or 34 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018; or

  2. (b)

     an EEA firm (within the meaning of Article 2(3G) of the Financial Services and Markets Act 2000 (Gibraltar) Order 2001 of the kind mentioned in paragraph 5(a) to (d), (f) and (h) of Schedule 3 to the Financial Services and Markets Act 2000 which is an authorised person for the purposes of that Act as a result of qualifying for authorisation under paragraph 12(1) to (4) and (7) of that Schedule.

• “51 per cent. subsidiary” and “75 per cent. subsidiary” have the meanings given by section 838 of the Taxes Act;

• F6“FISMA 2000” means the Financial Services and Markets Act 2000;

• “gains”, except in regulations 22(1) to (3), 24(a)(ii), (iii) and (v), 37(5) and 38, means “chargeable gains” within the meaning in the 1992 Act;

• “gilt-edged securities” has the meaning given by paragraphs 1 and 1A of Schedule 9 to the 1992 Act M7;

• F6“guardian” means a guardian of a child within the meaning in section 5 of the Children Act 1989, section 7 of the Children (Scotland) Act 1995 or Article 2(2) of the Children (Northern Ireland) Order 1995, as the case may be;

• “incorporated friendly society” means a society incorporated under the Friendly Societies Act 1992 M8;

• F18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “investments under the account” has the same meaning as investments under a child trust fund in the Act;

• F19“investment trust” means an investment trust within the meaning of section 1158 of the Corporation Tax Act 2010;

• F6“ITA 2007” means the Income Tax Act 2007;

• F6“ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;

• “the Management Act” means the Taxes Management Act 1970 M9;

• “market value” shall be construed in accordance with section 272 of the 1992 Act;

• F20“matured CTF account” has the meaning given by regulation 13B(2)(a);

• “the 1992 Act” means the Taxation of Chargeable Gains Act 1992;

• F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F22“non-UCITS retail scheme”—

  1. (a)

     has the meaning in COLL (that is, a scheme to which, or to whose authorised fund manager and depositary, sections 5.1, 5.4 and 5.6 of COLL apply),

  2. (b)

     includes a “recognised scheme” by virtue of section F23271A or F24... 272 of FISMA 2000, which would fall within paragraph (a) of this definition if it were an authorised fund, and

  3. (c)

     includes a sub-fund of an umbrella which the terms of the scheme identify as a sub-fund which would fall within paragraph (a) or (b) of this definition if it were itself an authorised fund or a recognised scheme.

  In this definition, expressions defined in the Glossary of the Financial Conduct Authority Handbook have those defined meanings;

• “notice”, except in regulations 12(12) and 37(6)(a), means notice in writing;

• F25“qualifying units in or shares of a non-UCITS retail scheme” means that—

  1. (a)

     the instrument constituting the scheme secures that redemption of the units or shares in question shall take place no less frequently than bi-monthly (see F26section 6.2.16(6) of the F27... F28COLL omitting the words “Except where (7) applies, and”, read with F26section 6.3.4(1), whether or not those F26sections apply to the scheme), and

  2. (b)

     a provision for suspension of dealings in exceptional conditions in accordance with F26section 7.2 of F29the COLL (or any foreign procedure which is a direct foreign equivalent of that F26section) shall not be treated as a provision contrary to paragraph (a) of this definition;

• “recognised stock exchange” has the same meaning as in F30section 1005 of ITA 2007;

• F31“registered contact” means the person who has the authority to manage the child trust fund by virtue of section 3(6) of the Act;

• “registered friendly society” has the meaning given by the Friendly Societies Act 1992 and includes any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society;

• F32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F33“relevant authorised person” means a firm mentioned in section 697(2)(b) of ITTOIA 2005;

• F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “security” means any loan stock or similar security of a company whether secured or unsecured;

• F6“special guardian” has the meaning in section 14A of the Children Act 1989;

• “subscriptions” has the meaning in section 12(1) of the Act (but excluding Inland Revenue contributions and income or gains arising from investments under the account);

• “tax” where neither income tax nor capital gains tax is specified means either of those taxes;

• “the Taxes Act” means the Income and Corporation Taxes Act 1988;

• “year” except in the expression “subscription year” in regulations 9, 21(5)(b) and 32(2)(b)(iv), means a year of assessment (within the meaning in section 832(1) of the Taxes Act, or section 288(1) of the 1992 Act, as the case may be);

• “authorised fund” means—

  1. (i)

     an authorised unit trust, or

  2. (ii)

     an open-ended investment company F34... in the case of which an authorisation order made F35... under regulation 14 of the Open-Ended Investment Companies Regulations 2001 M10 is in force;

• “authorised unit trust” means a unit trust scheme in the case of which an authorisation order F36... under section 243 of the Financial Services and Markets Act 2000 is in force;

• F37“COLL” means the Collective Investment Schemes Sourcebook made by the Financial Conduct Authority under FISMA 2000;

• “depositary interest” means the rights of the person mentioned in paragraph (ii), under a certificate or other record (whether or not in the form of a document) acknowledging—

  1. (i)

     that a person holds relevant investments or evidence of the right to them, and

  2. (ii)

     that another person is entitled to rights in or in relation to those or identical relevant investments, including the right to receive such investments, or evidence of the right to them or the proceeds from such investments, from the person mentioned in paragraph (i),

  where “relevant investments” means investments which are exclusively qualifying investments for an account falling within regulation 12(2)(a) to (i), and the rights mentioned in paragraph (ii) are exclusively rights in or in relation to relevant investments;

• F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F39“insolvency event” means the procedures listed in the definition of “insolvency event” in F40regulation 23(18) of the Payment Services Regulations 2017;

• F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “open-ended investment company” F41means a company to which section 236 of FISMA 2000 applies, and “shares” in relation to an open-ended investment company, includes shares of any class and of any denomination of a given class and, in relation to a part of an umbrella company, means shares in the company which confer for the time being rights in that part;

• F42“recognised UCITS” means—

  1. (a)

     F43...

  2. (b)

     an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities ; F44or

  3. (c)

     F45 recognised scheme by virtue of section 271A or 272 of FISMA 2000 that is a UCITS within the meaning given by section 236A of that Act;

• F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F39“UK UCITS” means—

  1. (a)

     a collective investment scheme F47with Part 4A permission under FISMA 2000, which complies with the requirements to be a “UCITS scheme” for the purposes of the F48COLL, or

  2. (b)

     a part of a UK UCITS mentioned in paragraph (a) of this definition which would be a sub-fund of an umbrella scheme which is a UK UCITS;

• “umbrella scheme” means an authorised fund which according to the terms of the scheme is an umbrella scheme belonging to the category under that name established by the F49Financial Conduct Authority, and

  1. (i)

     in the case of an authorised fund which is an authorised unit trust, references to a part of an umbrella scheme shall be construed in accordance with subsection (8) of section 468 of the Taxes Act, F50and paragraphs (6) and (7) of regulation 7 of the Authorised Investment Funds (Tax) Regulations 2006 shall apply for the purposes of these Regulations as they apply for the purposes of those Regulations; and

  2. (ii)

     in the case of an authorised fund which is an open-ended investment company, references to a part of an umbrella scheme shall be construed in accordance with F51subsection (4) of section 468A of the Taxes Act, and paragraphs (2) and (3) of regulation 7 of the Authorised Investment Funds (Tax) Regulations 2006 shall apply for the purposes of these Regulations as they apply for the purposes of those Regulations;

• F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “units”, in relation to an authorised unit trust, means the rights or interests (however described) of the unit holders in that unit trust and, in relation to a part of an umbrella scheme, means the rights or interests for the time being of the unit holders in that part;

• F39“units in, or shares of, a UK UCITS or recognised UCITS” means the rights (however described) of the holders of the units or shares in that UK UCITS or recognised UCITS;

• F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the full name of the child,

his date of birth,

his unique reference number,

the F57short expiry date of the voucher, and

the amount of the initial contribution (see regulation 7(1)),

the date 12 months from the date of issue of the voucher, or

where the child is over 17 years of age, the date on which he will attain the age of 18 years.

if the named child is 16 or over, the child; and

in any other case, a responsible person in relation to the named child:

the account provider shall select the type or types to be used for the purposes of this regulation (subject to sub-paragraph (b)),

any type selected must be offered to the general public at the time of opening a Revenue allocated account of that type, and

if more than one type has been selected, the account to be opened shall be chosen by the account provider in rotation between the selected types of accounts.

was born after 31st August 2002 but before 6th April 2003, the amount is £277,

was born between 6th April 2003 and 5th April 2004, the amount is £268, and

was born between 6th April 2004 and the day preceding the appointed day, the amount is £256.

was born after 31st August 2002 but before 6th April 2003, the amount is £554,

was born between 6th April 2003 and 5th April 2004, the amount is £536, and

was born between 6th April 2004 and the day preceding the appointed day, the amount is £512.

is first an eligible child by virtue of section 2(1)(a) of the Act, the amount is £250, and

is first an eligible child by virtue of section 2(1)(b) of the Act, the amount is £500.

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

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

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

if the commencement date was after 31st August 2002 but before 6th April 2003, is £266,

if the commencement date was between 6th April 2003 and 5th April 2004, is £258,

if the commencement date was between 6th April 2004 and the appointed day, is £250.

where entitlement to child benefit is wholly excluded by a directly applicable Community provision, it means the date on which that exclusion took effect, F76...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the commencement date (for child benefit: see paragraph (8)) in relation to that child is after 5th April 2005, and

income support or income-based jobseeker’s allowance was paid for that commencement date to a person whose applicable amount included an amount in respect of the child.

an account is held by the child,

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

section 9 of the Act does not apply to the child,

a contribution is not, and has not been, due for the child under paragraph (10),

the child is an eligible child on the day identified under the provisions of paragraph (10B) or (10C) as the case may be, and

the condition in paragraph (10B) or (10C) is satisfied in relation to the child.

that either the relevant income of the person or persons for the tax year in which that day fell does not exceed the income threshold or the person, or either of those persons, was entitled to a relevant social security benefit for that day,

after the commencement date, but

not later than one month immediately preceding the expiry date of the voucher for the child (see regulation 3),

2^nd August 2010; or

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