2014 No. 1453

Child Trust Funds

The Child Trust Funds (Amendment No. 2) Regulations 2014

Made

Laid before Parliament

Coming into force

The Treasury, in exercise of the powers conferred by sections 3(3) and (5), 5(4), 7, 12(2), 13, 15 and 28(1) and (3) of the Child Trust Funds Act 20041, make the following Regulations:

Citation and commencement1

These Regulations may be cited as the Child Trust Funds (Amendment No. 2) Regulations 2014 and come into force on 1st July 2014.

Amendment of the Child Trust Funds Regulations 2004

2

The Child Trust Funds Regulations 20042 are amended as follows.

3

In regulations 9(2) and 9(3) (annual limit on subscriptions), for “£3,840” substitute “£4,000”.

4

In regulation 12(2)—

a

in sub-paragraph (q), at the end, for “.” substitute “;”; and

b

after sub-paragraph (q), insert—

r

core capital deferred shares within the meaning of regulation 2 of the Building Societies (Core Capital Deferred Shares) Regulations 20133, provided that such shares are listed on the official list of a recognised stock exchange.

David EvennettAnne MiltonTwo of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Child Trust Funds Regulations 2004 (S.I. 2004/1450) (“the Regulations”).

Regulation 3 amends regulations 9(2) and 9(3) of the Regulations to increase the overall annual subscription limit in respect of a child’s account from £3,840 to £4,000.

Regulation 4 provides for core capital deferred shares to be a qualifying investment for Child Trust Funds.

A Tax Information and Impact Note covering this instrument has been published on the HMRC website at: http://www.hmrc.gov.uk/thelibrary/tiins.htm.