TaxAdministrationHalf a million CTF accounts opened by taxman

Half a million CTF accounts opened by taxman

One in five parents not investing money on behalf of children

HM Revenue & Customs has been
forced to set up savings accounts on behalf of 500,000 children after their
parents failed to invest the £250 given to them by the government-sponsored
child trust fund (CTF).

According to the latest figures, roughly one in five parents have left this
decision to HMRC with 500,000 of the 2.64 million accounts have been randomly
placed with one of 14 investment companies.

Under the CTF, every UK child born on or after 1 September 2002 has been
given a CTF account by the government.

Parents who don’t choose a home for their child’s £250 voucher within the
first 12 months of a baby’s birth have the decision made for them by HMRC.

Further reading:

HMRC forced to open 350,000 child trust accounts

Revenue reprimanded over advert

Related Articles

New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

1w Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2w Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

4w Helen Thornley, ATT Technical Officer
European Commission close to anti-tax avoidance package

Administration European Commission close to anti-tax avoidance package

1y Fraser Simpson, Reporter
‘Significant recovery’ for HMRC customer service, claims boss Thompson

Administration ‘Significant recovery’ for HMRC customer service, claims boss Thompson

1y Fraser Simpson, Reporter
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter