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Matured Child Trust Fund (Stocks & Shares) unable to transfer providers
Fairy8
Posts: 6 Forumite
My Son turned 18 in January. His provider moved his Stocks and Shares CTF into a Matured Child Trust Fund which he can't access or amend. It has more than £20 K in it. Admittedly we left it longer than we should have however we have struggled to find a provider that will accept it as a whole transfer in to Cash ISA. The provider we are with only offers Stocks and shares ISA's. (The CTF was transferred multiple times due to mergers / acquisitions etc) We were initially trying to move the Matured CTF into Kent reliance (as they advised they would take it and completed all the paper work with my son) - but after 2 further months of passing my son from one call centre agent to another they said HRMC would only allow them to take the current annual ISA allowance and he would have to leave the rest in the matured CTF - which he doesn't want to do.
We have since tried other providers - RBS / NatWest & Coventry BS - as they advertised being able to transfer funds from Mature Child Trust Funds - however they also can only take £20K direct from the matured trust fund, using his this years tax free allowance.
The Mature Trust Fund is currently losing money in this account (it's frozen so nothing can be amended) and accruing charges.
We are almost resigned to the fact he will have to move the matured ctf into a Stocks and Shares ISA with the current provider - pay 2 lots of fees - one to sell his CTF shares and second lot to buy the new ISA shares... and then be at the mercy of the market until April when he can hopefully move it and pay further fees to sell the shares again. It's seems a shame it is going to cost him so much to do this.
Has anyone had a similar situation, any suggestions, or advice please? Thank you.
We have since tried other providers - RBS / NatWest & Coventry BS - as they advertised being able to transfer funds from Mature Child Trust Funds - however they also can only take £20K direct from the matured trust fund, using his this years tax free allowance.
The Mature Trust Fund is currently losing money in this account (it's frozen so nothing can be amended) and accruing charges.
We are almost resigned to the fact he will have to move the matured ctf into a Stocks and Shares ISA with the current provider - pay 2 lots of fees - one to sell his CTF shares and second lot to buy the new ISA shares... and then be at the mercy of the market until April when he can hopefully move it and pay further fees to sell the shares again. It's seems a shame it is going to cost him so much to do this.
Has anyone had a similar situation, any suggestions, or advice please? Thank you.
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