The Child Trust Funds Regulations 2004

Statements for an account U.K.

10.—(1) The account provider must issue a statement for the account—

(a) annually, and

(b) where an account is transferred to another account provider under regulation 21, as at the transfer date.

(2) The statement date in the case of an annual statement must be—

(a) any date not more than [F1 61] days before or after the named child’s birthday, and

(b) not more than 12 months from the previous statement date.

(3) The statement shall be sent—

(a) where the named child is the registered contact, to the child,

(b) where a responsible person is the registered contact, to the named child care of the registered contact,

(c) where the Official Solicitor or Accountant of Court has been appointed under section 3(10) of the Act, to the Official Solicitor or Accountant of Court, on behalf of the child, and

(d) in any other case, to the named child,

within 30 days of the statement date.

(4) Statements shall include the following information—

(a) the full name of the child;

(b) his address;

(c) his date of birth;

(d) his unique reference number;

(e) the description of the account (see regulation 4);

(f) the name of the registered contact (if any);

(g) the statement date;

(h) the total market value of the investments under the account at the previous statement date (where the account provider held the account at the named child’s previous birthday);

(i) the amount of any Government contributions [F2 (see regulation 7) received by the account provider], during the period between—

(i) the previous statement date referred to in paragraph (1)(a) or (b), or the opening of the account (whichever is the later), and

(ii) the statement date;

(j) the aggregate amount of subscriptions (if any) received during the period in sub-paragraph (i);

(k) the total amount of deductions (including management charges) made during the period in sub-paragraph (i);

(l) the total market value of the investments under the account at the statement date;

(m) the number or amount, description and market value of each of the investments under the account at the statement date;

(n) the basis used in calculating the market value of each investment under the account (together with a statement of any change from a basis used in the previous statement); and

(o) the exchange rate used where any investment is, or is denominated in, a currency other than sterling.

[F3 (5) As an alternative to the information in paragraph (4)(k), the statement may include, in relation to any management charges or other incidental expenses deducted from the account during the period in paragraph (4)(i)—

(a) the rate, expressed as an annual percentage rate, at which, and the period in relation to which, such deductions were made, or

(b) where such deductions were made in relation to different periods at different rates—

(i) each rate, expressed as an annual percentage rate, at which those deductions were made; and

(ii) the period in relation to which they were made at that rate.]

Textual Amendments

F1 Word in reg. 10(2)(a) substituted (6.4.2005) by The Child Trust Funds (Amendment) Regulations 2004 (S.I. 2004/2676), regs. 1, 7(a)

F2 Words in reg. 10(4)(i) substituted (6.4.2005) by The Child Trust Funds (Amendment) Regulations 2004 (S.I. 2004/2676), regs. 1, 7(b)

F3 Reg. 10(5) added (6.4.2005) by The Child Trust Funds (Amendment) Regulations 2004 (S.I. 2004/2676), regs. 1, 7(c)