The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
A child trust fund is a savings and investment account opened by the government for children in the UK born between 1 September 2002 and 2 January 2011. The fund matures at age 18, so for children born in September 2002, child trust funds matured for the first time in September 2020.
The funds are intended to be long-term investment mediums. Eligibility to the child trust fund relied upon a person being eligible to child benefit for that child. Children in the care of local authority were also eligible for the child trust fund. Broadly speaking, a child needed to have the right of abode in the UK to be eligible for the fund although there were some exceptions to this. The Government opened the child trust fund on behalf of the child and made an initial payment into the fund.
Parents, guardians or any other person can pay into a child trust fund up to annual limits which are revised on an annual basis. The investment made in the child trust fund is managed by the account providers (see below) to provide a return upon maturity of the fund. Details on how much can be invested in the current tax year can be found on the GOV.UK website. The limit of £9,000 for 2020/21 remains unchanged for 2021/22.
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