CTFs Axed by Coalition Government

Child Trust Funds (CTFs) are to be scrapped under the Government’s plans for spending cuts.  Children will no longer receive a Government voucher to open a CTF which can receive up to 1,200 GBP each year in contributions from friends and family, until they reach the age of 18.

CTF providers have reacted angrily to the new coalition Government’s scrappage of the funds, which it is claimed have been successful thus far and have provided for the UK economy.

Existing funds are to contine until the 18th year of the holder but no new funds are to be issued.

CTFs were introduced by the last Government as a way to provide a savings and investment tax wrapper for all children in the UK.  The money within a CTF cannot be accessed by anyone but the child when it reaches maturity.

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