The Child Trust Funds (Amendment No. 2) Regulations 2005

• Citation: S.I. 2005/909
• Sections: 9

Section 1 Citation and commencement

These Regulations may be cited as the Child Trust Funds (Amendment No. 2) Regulations 2005 and shall come into force on 6th April 2005.

Section 2 Amendments to the Child Trust Funds Regulations 2004

The Child Trust Funds Regulations 2004 are amended as follows.

Section 3 Amendments to the Child Trust Funds Regulations 2004

In regulation 2(1)(b) insert the following definition at the appropriate place—

“credit union” means a society registered as a credit union under the Industrial and Provident Societies Act 1965 or the Credit Unions (Northern Ireland) Order 1985 ;

Section 4 Amendments to the Child Trust Funds Regulations 2004

In regulation 11(5) after “deposit-taker” insert “(including for this purpose a credit union)”.

Section 5 Amendments to the Child Trust Funds Regulations 2004

In regulation 12(2)(k) after “Taxes Act” insert “(including for this purpose a credit union)”.

Section 6 Amendments to the Child Trust Funds Regulations 2004

In regulation 14(2)(b)(ii) after “subject to” insert “paragraph (iia) and”.

Section 7 Amendments to the Child Trust Funds Regulations 2004

After regulation 14(2)(b)(ii) insert—

(iia) in the case of a credit union, to accept vouchers from any responsible person or the child if 16 or over, if the child to which the voucher relates is a member, or fulfils or is treated as fulfilling a qualification for admission to membership, of the credit union (subject to regulation 13(8)),

Section 8 Amendments to the Child Trust Funds Regulations 2004

After regulation 14(2)(d)(i) insert—

(ia) in the case of a credit union, an authorised person within the meaning of section 31(1)(a) of the Financial Services and Markets Act 2000 , who has permission to carry on one or more of the activities specified in Article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ;

Section 9 Amendments to the Child Trust Funds Regulations 2004

Omit regulation 32(2)(a)(i) and (ii).