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29/10/2003
Details of child trust fund released
Details of the £250 child trust fund announced by Chancellor, Gordon Brown in this year’s Budget have been released.
Every child born after 1 September 2002 will qualify for the fund, which will rise to £500 for the poorest children.
Young people will be able to access the fund when they turn 18, giving them extra security and opportunity in adulthood. It will also give them experience of savings and investment and help them to manage their finances better in later life.
Detailed plans published yesterday mean that:
(MB)
Every child born after 1 September 2002 will qualify for the fund, which will rise to £500 for the poorest children.
Young people will be able to access the fund when they turn 18, giving them extra security and opportunity in adulthood. It will also give them experience of savings and investment and help them to manage their finances better in later life.
Detailed plans published yesterday mean that:
- The government will make another payment when children are seven years old. The size of the payment will be confirmed at a later date;
- Family and friends will be able to contribute up to £1,200 a year between them to the fund;
- There will be no need to make a claim for the fund – access will be automatic through the child benefit system
- Providers will be able to offer a variety of accounts
- There will be no tax on income and capital growth
- Special arrangements will be made for children in care.
(MB)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
