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According to HMRC data the success of the
Child Trust Fund (CTF), the tax exempt
long-term savings and investment account
for children born on or after 1 September
2002, continues to grow.
The statistics published by HMRC show:
- 97% of eligible parents are aware of
the Child Trust Fund
- around 3/4 of parents continue to
open accounts for their children within
the first year
- there has been a small upturn in the
number of accounts opened by parents in
the first year.
Where parents do not open a CTF account
within one year, HMRC will automatically
open an account for the child.
The Economic Secretary to the Treasury
Ian Pearson said:
“The third year of the Child Trust Fund
has continued to build firmly on the
success of the founding years, but we
still need to do more. This is why I am
writing today to all MPs to encourage them
to further raise the profile of the Child
Trust Fund in their constituencies and to
direct parents towards the help available
to them in opening and engaging with their
children’s accounts.”
Internet links:
Treasury press release and
Statistics
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