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Child Trust Funds (2007/08)
Child Trust Funds (CTF) were able to accept contributions with effect from 6 April 2005.
Vouchers previously issued
All children born since 1 September 2002 will have received a one-off voucher. The voucher amount depended on the child’s date of birth and the income status of the family, as detailed below:
| |
Voucher Amount |
| Child's Date of Birth |
Standard |
Low Income Families * |
Children in Local Authority Care |
| 1 September 2002 – 5 April 2003 |
£277 |
£543 |
£566 |
| 6 April 2003 – 5 April 2004 |
£268 |
£526 |
£548 |
| 6 April 2004 – 5 April 2005 |
£256 |
£506 |
£523 |
Vouchers being issued for new born babies
| |
Voucher Amount |
| Child's Date of Birth |
Standard |
Low Income Families * |
Children in Local Authority Care |
| 6 April 2005 onwards |
£250 |
£500 |
+ |
Future Vouchers
All children born since 1 September 2002 will receive an additional voucher on their 7th birthday to be paid into their existing Child Trust Fund. The amounts are expected to be based on the same levels as currently being paid to new born babies.
* Families receiving full Child Tax Credit
+ visit www.childtrustfund.gov.uk
Children cannot access the funds until their 18th birthday.
Friends and family may make additional annual contributions of up to £1,200.
Children will receive an annual statement together with financial education which is considered to be a key component of the CTF.
CTFs are free from income and capital gains tax.