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Child Trust Fund Account and Benefits

edited 30 November -1 at 1:00AM in Savings & Investments
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atlantis187atlantis187 Forumite
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edited 30 November -1 at 1:00AM in Savings & Investments
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?

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  • xylophonexylophone Forumite
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    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?
  • atlantis187atlantis187 Forumite
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    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?
  • xylophonexylophone Forumite
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    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?
This discussion has been closed.
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