Child Trust Fund Account and Benefits

atlantis187

If u saving in a child trust fund account for your child. (you know the ones people set up with the government voucher a couple of years ago).

Can they class this as your money for means tested benefits?

xylophone

The CTF belongs to the child absolutely, not to the parent. The money cannot be counted as the parent's for means tested benefits.

However, if a parent were on means tested benefits and came into a sum of money and chose to pay that into the CTF in order to continue to qualify for means tested benefits, then there might be a Deprivation of Capital question?

atlantis187

xylophone wrote: »

The CTF belongs to the child absolutely, not to the parent. The money cannot be counted as the parent's for means tested benefits.

However, if a parent were on means tested benefits and came into a sum of money and chose to pay that into the CTF in order to continue to qualify for means tested benefits, then there might be a Deprivation of Capital question?

Thanks for that mate,
So under the new universal credits system due to come in.
If I am currently paying £150 a month into my sons CTF account I will not get penalised for this?

xylophone

Does paying this money into your child's account reduce your capital or income and enable you to claim more in benefits?

If not, I can't see why there should be a problem? https://www.gov.uk/universal-credit

You might want to put your question on the benefits board?