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Written question asked by Tim Loughton (Conservative) on Thursday, 16 January 2020, in the House of Commons. It was due for an answer on Tuesday, 21 January 2020 (named day). It was answered by John Glen (Conservative) on Tuesday, 21 January 2020 on behalf of the Treasury.

Child Trust Fund

Question

To ask the Chancellor of the Exchequer, how many Child Trust Fund accounts were taken out between their introduction in September 2002 and their replacement by junior ISA's in January 2011; and how much was invested in them from public funds.

Answer

HMRC has published the number of CTF and contributions in the following publications for the years requested. The following links provide the last edition of these publications.

Link to “Child Trust Fund Statistical Report” – https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255886/statistical-report.pdf

Link to “Child Trust Funds: detailed distributional analysis” - https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255881/dda.pdf

HMRC does not have records of, nor have they made any estimations of, CTF accounts where the child or their parents is unaware of which firm is maintaining the account. CTF providers are required in legislation to send out regular statements to the contact for the account. However, although the primary relationship is between the account provider and the child’s parents, if they don’t know which provider is managing their child’s account, they can use the following online form to track the account.

https://www.gov.uk/child-trust-funds

HMRC estimates the market value of all Child Trust Funds (as at 2015-16), which will start to be eligible to be accessed by their beneficial holder from September 2020, to be £7,450 m. This estimate used the latest complete Child Trust Fund information available to HMRC – relating to 2015-16. This may not necessarily be reflective of the market value the accounts when they reach maturity.

A complete list of authorised Child Trust Fund Providers is held at the following webpage: https://www.gov.uk/government/publications/list-of-authorised-child-trust-fund-providers/child-trust-fund-account-providers

Secondary information

Type
Written question
Reference
4282
Session
2019-21
Grouped for answer
Yes
Subjects
Child trust fund Investment Individual savings accounts
Contains statistics
Yes
Link
View this Written question on www.parliament.uk