Child Trust Fund - 2nd Payment

Banks2403 · 25 June 2017 at 9:54PM

Hi. I have just read an article in our local paper which says;

"The scheme [CTF] was designed to boost the savings of children born between 2002 and 2010 with parents opening an account receiving £250 from the government.
Another £250 was promised when the child turned seven."

My sons CTF of the initial £250 is now with the Halifax and he turned seven last August. I've checked the HMRC/Gov.uk website and can't see any reference to this additional payment or how to contact them? Does anyone have any further info on this please?

Thanks

alewin · 25 June 2017 at 10:30PM

The Child Trust Fund scheme was scrapped by the Coalition Government when they came to power in 2010. I think from sometime in 2011 they were no longer available, including any second payments due.

They were replaced with junior ISA's where you could save for your children tax free.

xylophone · 25 June 2017 at 11:28PM

https://en.wikipedia.org/wiki/Child_Trust_Fund

Abolition[edit]
On May 24, 2010, the Chancellor of the Exchequer George Osborne MP and Chief Secretary to the Treasury David Laws MP announced that the £250 top up payments into the child trust fund would cease in August 2010, with no payments for newborns from the end of 2010.[15] The Savings Accounts and Health in Pregnancy Grant Act 2010 facilitates the abolition of the fund.

Child Trust Fund - 2nd Payment

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