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01/06/2006
Free help with Child Trust Funds at Big into Baby show
Anyone with any questions regarding what best to do with the £250 voucher given to every child born on or after September 1 2002, should make their way to the Big into Baby show at the King's Hall this weekend, where HM Revenue & Customs staff from the Child Trust Fund Office will be on hand to answer any queries you have about investing the voucher for your child’s future.
It is understood that more than three in four of the earliest Child Trust Fund (CTF) vouchers have been used to open an account, according to quarterly statistics published by HM Revenue & Customs this week.
Welcoming the figures, Economic Secretary to the Treasury, Ed Balls, said: "I am pleased to announce that more than 1.6 million Child Trust Fund accounts have been opened so far.
"The Child Trust Fund is a vital element in the Government's saving strategy ensuring that at age 18 every child will have access to a financial asset. But there is more work to do to reach new parents and to encourage the active involvement of those parents whose child has an account. We will be doing further promotional work over the summer and autumn in the run up to the launch of the first annual report in September.”
Every child born on or after September 1 2002, and who lives in the UK, is eligible for a £250 voucher to open a Child Trust Fund (CTF) account.
Children in lower-income families receive an additional payment into their Child Trust Fund account of £250.
The Government will make further payments into all Child Trust Fund accounts at age seven; eligible children will receive £250 with children in lower-income families again receiving an extra £250. The Government is also considering a further payment at secondary school age.
The Child Trust Fund is a long-term savings and investment account, which family, friends and the child themselves can contribute up to £1,200 a year in total into the account.
The funds are held in trust until the child reaches the age of 18 and neither the parents nor the child will be taxed on any interest or gains made in the account.
The Big into Baby show runs in the Kings Hall in Belfast from Saturday June 4 until Sunday June 5.
(EF/SP)
It is understood that more than three in four of the earliest Child Trust Fund (CTF) vouchers have been used to open an account, according to quarterly statistics published by HM Revenue & Customs this week.
Welcoming the figures, Economic Secretary to the Treasury, Ed Balls, said: "I am pleased to announce that more than 1.6 million Child Trust Fund accounts have been opened so far.
"The Child Trust Fund is a vital element in the Government's saving strategy ensuring that at age 18 every child will have access to a financial asset. But there is more work to do to reach new parents and to encourage the active involvement of those parents whose child has an account. We will be doing further promotional work over the summer and autumn in the run up to the launch of the first annual report in September.”
Every child born on or after September 1 2002, and who lives in the UK, is eligible for a £250 voucher to open a Child Trust Fund (CTF) account.
Children in lower-income families receive an additional payment into their Child Trust Fund account of £250.
The Government will make further payments into all Child Trust Fund accounts at age seven; eligible children will receive £250 with children in lower-income families again receiving an extra £250. The Government is also considering a further payment at secondary school age.
The Child Trust Fund is a long-term savings and investment account, which family, friends and the child themselves can contribute up to £1,200 a year in total into the account.
The funds are held in trust until the child reaches the age of 18 and neither the parents nor the child will be taxed on any interest or gains made in the account.
The Big into Baby show runs in the Kings Hall in Belfast from Saturday June 4 until Sunday June 5.
(EF/SP)
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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.
