Child trust fund

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Child Trust Funds Act 2004

Eligible children

(1) For the purposes of this Act a child is an “eligible child” if the child was born

after 31st August 2002 and either—

(a) a person is entitled to child benefit in respect of the child, or

(b) entitlement to child benefit in respect of the child is excluded by the

provisions specified in subsection (2)(a) or (b) (children in care of

authority),

but subject as follows.............

Plus why would they have both came at the same time for 2 kids nearly two years apart? And why did one get the higher rate and not the other? 

https://www.bsa.org.uk/information/consumer-factsheets/savings/child-trust-funds

        Child Trust Funds were launched in 2005 and made available to all children born in the UK between 1 September 2002 and 2 January 2011.  

HMRC sent the parents or guardians of qualifying children a starting payment voucher of £250 or £500 depending on household income for them to invest.  If they failed to open a CTF account within a year of having received a payment voucher, HMRC opened a stakeholder CTF account on the child's behalf.  From 1 August 2010 to 1 January 2011 the payment ranged from £50 to £500.

But the first child was not eligible so if he did receive a voucher presumably this was in error.

If two eligible children were part of a low income household then both would have received the higher value voucher?

If the OP did manage to open CTFs with Halifax then they would now be with Foresters Life so she could try there?

fairyclairethehare

There was an additional payment made to 7 year olds if your income was sufficiently low enough. My youngest son had this and I'd have to hazard a guess that it came around his birthday. 
I've just looked and found that this was stopped well before my Son was 7 but we still received it?? 
This link shows how you can find lost CTF's but no idea if this will work given your Son's DOB
https://www.bsa.org.uk/information/consumer-factsheets/savings/child-trust-funds

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https://www.bsa.org.uk/information/consumer-factsheets/savings/child-trust-funds

Children received an additional £250 on their seventh birthday. Lower income families could have received up to £500.  The bonus paid at age seven was stopped for those who had reached that age after 1 August 2010.  

https://www.thisismoney.co.uk/money/article-2784904/My-son-turned-7-year-Is-250-CTF.html

I opened a Child Trust Fund when my son was born using his £250 voucher. I have recently been reading articles online which say he should get a similar lump sum when he turns seven.

I was not aware of this and wondered if it is still correct? He was born in August 2006.

Child Trust Funds were launched by the then Labour Government a year before your son was born. At the time, the promise was that children would get a £250 voucher when the opened an account, and another one when they turned seven.

Unfortunately, very few children benefited from the extra voucher when they turned seven because the Coalition Government cut this extra perk back in 2010 as part of its austerity measures.

The Gov.uk website advises that: 'Eligible children who turned seven between 1 September 2009 and 31 July 2010 or who qualified for Disability Living Allowance between 6 April 2009 and 5 April 2011 were eligible for extra payments into their CTF accounts.'

This means that, for children not eligible for Disability Living Allowance, a second voucher would only be issued if they turned seven within a small window of less than a year spanning 2009 and 2010.

cheryl_lofters85

@fairyclairethehare thanks I will have a look.. I know he definitely got one, I wouldn’t waste my time trying to find it if he didn’t 🤷🏽‍♀️ To the person that called me a chancer?? Far from it, I just don’t want him losing out on something that was his. When I say high I meant he was awarded around £280 odd and his brother was a little less maybe around £260-£270 I can’t remember the exact amount as this was years ago, I’ve moved around a lot since then, so I think that’s why I’ve never had a letter regarding this. 

Thank you to the people that have posted links, when I’m home from work I will go through all the sites 😊 this is not a case of me trying to claim money as we don’t need it.. he works full time but I didn’t want him to lose out on something that is rightfully his. If this was sent in error then I’m sure they would’ve told me all them years ago. 

fairyclairethehare

Bizarre, and we've moved his CTF to a JISA so not sure I'll be able to check about the extra £250. But he is the one with more money saved despite being the youngest.

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we will do it nearly two years later! 

The first vouchers were not issued until January 2005 when the CTF Scheme "went live" as it were.

See links above.

CocoM2020

Nobody said you were a chancer we questioned how and why he would have got it given his DOB! Sorry for being stupid enough to think that if they set out guidelines they should be followed. Sure plenty of other people wish they were so lucky to get money they missed out in by a matter of days. (Especially 18 year olds in this day and age who do need it).

cheryl_lofters85

I’ve just spoken to someone at foresters and they said if it was awarded by mistake because of his DOB then Halifax may have put it into a different savings scheme instead of the CTF so I’m to ring Halifax and ask them to do a search on his name and see if they can locate it 🙏🏽

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I’ve just spoken to someone at foresters and they said if it was awarded by mistake because of his DOB then Halifax may have put it into a different savings scheme instead of the CTF so I’m to ring Halifax and ask them to do a search on his name and see if they can locate it 

It would be rather odd though if a reputable  financial institution were to permit the deposit of a voucher known to be issued in error?

cheryl_lofters85

CocoM2020 said:

Nobody said you were a chancer we questioned how and why he would have got it given his DOB! Sorry for being stupid enough to think that if they set out guidelines they should be followed. Sure plenty of other people wish they were so lucky to get money they missed out in by a matter of days. (Especially 18 year olds in this day and age who do need it).

Listen if you can’t help or advise just stop commenting.. I posted here in the hope that it has happened to someone else and they could tell me how they resolved it. I have the top of the letter that the cheque was attached to 🙄