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  • LeifGR
    LeifGR Posts: 188 Forumite
    Hi snowcat53,
    snowcat53 wrote: »
    The expectation (I am informed) is that the money in a CTF will be rolled into an ISA when it matures
    Can you expand on that a bit - I don't understand what you are saying?
  • snowcat53
    snowcat53 Posts: 602 Forumite
    That the CTF will be redesignated as an ISA in the young person's name so it remains tax free from 18 when it becomes theirs. There are obviously technical issues to sort out and the Govt have made no official announcement but this is what the provider told me.
  • LeifGR
    LeifGR Posts: 188 Forumite
    OK, thanks - I understand. Some of us with CTFs feel that the JISA system is likely to offer greater choice and diversity and better potential returns, which is why we don't wish to be "stuck" in the CTF system. The fact that the funds might be possible to move over to the adult ISA system at maturity is a poor consolation - and it will be a long wait!
  • Not sure if this qualifies as a trust fund question, but as my grandchildren were born I started a saving account for each of them.
    Not a lot, £10.00 per month for each.
    The elder two are the sons of my son and his German wife, both boys being born in Germany and resident there, both German citizens.
    The eldest will be 18 in August and I will cease to pay his £10.00 per month.
    There is a little over £2000.00 in his account, he is not desperate for the money at the moment and I am wondering which way to go with it.
    Do I, a) leave it in the Halifax and let him take it in Sterling when he wants it, b) transfer it into a Euro account, (and which one), and let him do the same when he wants it, or c) have the Halifax transfer it into his German bank account, or what else do you suggest?
    I'm just trying to get it to him the most painless way, and in a method where he doesn't lose out too much with the transfer.
  • can i invest my grand daugters CTF in a credit union account?
  • xylophone
    xylophone Posts: 44,140
    Name Dropper First Anniversary First Post
    Forumite
    http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ChildBenefitandChildTrustFund/ChildTrustFund/SettingupaChildTrustFundaccount/DG_194923 There is a list of providers here.

    "To open a Child Trust Fund (CTF) account, you need a 'provider'. These are organisations (including banks, building societies and credit unions) approved to provide CTF accounts. Your own bank or building society could be one. All providers offer CTF stakeholder accounts, but some no longer accept new accounts. Check their website for details."

    See here for information. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ChildBenefitandChildTrustFund/ChildTrustFund/SettingupaChildTrustFundaccount/DG_193682
  • miss_hh
    miss_hh Posts: 194 Forumite
    IM hoping someone can help me or point me in the right direction. When my daughter was born in 2005, I received the standard goverment CTF voucher. I never did anything with the voucher at the time.

    I was told that it would have automatically been opened up into an account somewhere. Is this true?

    How can I find details of her voucher?

    thanks for any replies.
  • xylophone
    xylophone Posts: 44,140
    Name Dropper First Anniversary First Post
    Forumite
    I was told that it would have automatically been opened up into an account somewhere. Is this true?
    http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ChildBenefitandChildTrustFund/ChildTrustFund/SettingupaChildTrustFundaccount/DG_193682
    "What happens if you don't open a CTF account?
    If you don’t open a CTF account before the expiry date on the voucher, HMRC will open one for your child. This will be an account known as a 'Stakeholder' account. You can find out more about this type of account by going to link 'Help with choosing a Child Trust Fund account' below.
    HMRC will write to whoever gets Child Benefit for your child telling them where the account is held. They will also let you know that someone with parental responsibility will need to become the registered contact for the account."
  • miss_hh
    miss_hh Posts: 194 Forumite
    xylophone wrote: »
    http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ChildBenefitandChildTrustFund/ChildTrustFund/SettingupaChildTrustFundaccount/DG_193682
    "What happens if you don't open a CTF account?
    If you don’t open a CTF account before the expiry date on the voucher, HMRC will open one for your child. This will be an account known as a 'Stakeholder' account. You can find out more about this type of account by going to link 'Help with choosing a Child Trust Fund account' below.
    HMRC will write to whoever gets Child Benefit for your child telling them where the account is held. They will also let you know that someone with parental responsibility will need to become the registered contact for the account."

    So how do I find the details of the stakeholder account? I am the person who gets child benefit for my daughter but I moved house shortly after her birth so Im not sure of any letters being sent out.
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