2014 No. 649
The Child Trust Funds (Amendment) Regulations 2014
Made
Laid before Parliament
Coming into force
The Treasury make these Regulations exercising their powers in sections 3(1) to (3), (4)(d) and (5), 12(2) and 28(1) and (3) of the Child Trust Funds Act 20041.
Citation and commencement1
These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2014 and come into force on 6th April 2014.
Amendment of the Child Trust Funds Regulations 2004
2
The Child Trust Funds Regulations 20042 are amended as follows.
3
In regulation 2(1)(b) (interpretation)—
a
in the definition of “account”, for “section 840A(1)(b) of the Taxes Act” substitute: “section 991(2) of the Income Tax Act 20073”;
b
in the definition of “European institution”, for “paragraph 5(a), (b) or (c)”, substitute: “paragraph 5(a) to (d), (f) and (h)”; and after “under paragraph 12”, insert: “(1) to (4) and (7)”;
4
In regulations 9(2) and 9(3) (annual limit on subscriptions), for “£3,720” substitute “£3,840”.
5
In regulation 12 (qualifying investments for an account)—
a
in paragraph (2)(f), omit: “, listed in the Official List of the Stock Exchange (see paragraph 3)”;
b
in paragraph (3), from “An investment” to “admission to trading in paragraph (2)(a)” substitute: “An investment in shares fulfils the conditions as to official listing and admission to trading in paragraph (2)(a)”; and
c
in paragraph (3)(a), omit “or investment trust”.
6
1
In regulation 18A (permitted withdrawals from an account where the child is terminally ill), in paragraph (2)(b), for Case 1 substitute—
Case 1
The child:
i
in England and Wales or Scotland falls within either section 72(5) of the Social Security Contributions and Benefits Act 19926 (special rules for terminally ill person’s entitlement to care component of disability living allowance) or section 82(4) of the Welfare Reform Act 20127 (terminal illness); or
ii
in Northern Ireland, falls within section 72(5) of the Social Security Contributions and Benefits (Northern Ireland) Act 19928 (the care component).
2
In paragraph (3), after “regulation” omit “, and shall also notify the account provider”.
3
In paragraph (6)—
a
after “meaning ” insert: “(a) for England, Wales and Scotland,”;
b
before the full stop at the end insert: “or in section 82(4) of the Welfare Reform Act 2012 (terminal illness); or (b) for Northern Ireland, in section 72(5) of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (the care component)”.
(This note is not part of the Regulations)