Child Trust Fund Account A Financial Headstart for your child! If your child was born on or after September 1st 2002 and you have been awarded Child Benefit you will receive a Child Trust Fund voucher from the government. If you are receiving Child Tax Credit and your family income is at or below £14,495 (2007/08) an additional payment of up to £250 will be paid directly into your child's Child Trust Fund account by the government. (Tax Credits helpline 0845 300 3900) | Child's Date of Birth | Value of Voucher | | without Child Tax Credit | with Child Tax Credit
| 6 April 2005 onwards
| £250 | £500 | | 6 April 2004 - 5 April 2005 | £256 | £506 | | 6 April 2003 - 5 April 2004 | £268 | £526 | | 1 September 2002 - 5 April 2003 | £277 | £543 | The Child Trust Fund voucher permits you to open a tax free, long term savings and investment account for your child with an approved financial institution of your chosing (see our list of Child Trust Fund providers. To ensure your child's money grows from the outset and to preserve your option of being able to select the type of Child Trust Fund account most suitable for your needs use your Child Trust Fund voucher as soon as possible. If after 12 months you have still not used the Child Trust Fund voucher, the Inland Revenue will automatically open a Stakeholder CTF on your behalf. Our Child Trust Fund provider reviews are a great place to begin your search for the perfect Child Trust Fund! (Child Trust Fund helpline 0845 302 1470) Whilst all financial institutions must offer (access to) a Stakeholder Child Trust Fund, Non-Stakeholder Shares and Non-Stakeholder Savings Child Trust Funds are also available. Within these broad categories, you will also find providers offering Ethical/Shariah Child Trust Fund accounts. Once the Child Trust Fund account has been opened it can be topped up with an additional £1200 (maxmimum) per annum. Parents, friends and family members can all contribute via regular, ad-hoc or lump sum payments up to the maxmimum amount. The government will make an additional payment of £250 (£500 for families on low income) around your childs seventh birthday. |