 |
answer text |
<p>HMRC is working closely with Child Trust Fund providers and the wider industry
to assist those who have difficulty in locating a misplaced Child Trust Fund account.</p><p>
</p><p>HMRC:</p><ul><li>has improved the National Insurance Notification (NINO) letter,
which is sent out prior to a child’s 16th birthday, to raise awareness of the Child
Trust Fund scheme;</li><li>has worked with a charity, The Share Foundation, to develop
a process whereby the charity can link children with their account; and</li><li>is
developing a simplified system for account tracing which will assist those with a
limited digital footprint.</li></ul><p> </p><p>In addition, while CTF providers are
already required to send regular statements to the contact for the account, regulations
were laid on 15 January which will require them to send a statement in the year the
child reaches 17 in anticipation of the maturity of the account.</p><p> </p><p>If
a child, or their parent, does not know which provider is managing the child’s account,
HMRC provides a tracing service, which can be accessed at: <a href="http://www.gov.uk/child-trust-funds"
target="_blank">www.gov.uk/child-trust-funds</a></p><p> </p><p>As accounts do not
begin to mature until September 2020, no accounts are currently unclaimed, and the
total value of unclaimed funds is zero.</p><p> </p><p>The regulations laid on 15 January
ensure that any CTF account not claimed by the account holder when they turn 18 will
retain its tax-free status until it is claimed. These regulations also provide that
funds in a mature CTF may be transferred to an ISA without counting towards the individual’s
annual ISA subscription limit.</p>
|
|
