The Child Trust Funds (Amendment No. 2) Regulations 2015

• Citation: S.I. 2015/876
• Sections: 11

Section 1 Citation and commencement

These Regulations may be cited as the Child Trust Funds (Amendment No. 2) Regulations 2015 and come into force on 6th April 2015.

Section 2 Amendment of the Child Trust Funds Regulations 2004

The Child Trust Funds Regulations 2004 are amended as follows.

Section 3 Amendment of the Child Trust Funds Regulations 2004

Omit regulation 2(1A)(b) and (c).

Section 4 Amendment of the Child Trust Funds Regulations 2004

In regulation 8(2), after sub-paragraph (ha), insert—

(hb) any transfer under regulation 20A shall be free of expense (except any incidental expenses);

Section 5 Amendment of the Child Trust Funds Regulations 2004

In regulation 10(1)(b)—

(a) omit “to another account provider”;

(b) after “regulation” insert “20A or”.

Section 6 Amendment of the Child Trust Funds Regulations 2004

After regulation 20, insert—

Transfers to other accounts for children

(20A)

(1) An account provider must at the request of the registered contact—

(a) transfer all the investments under the child trust fund, or an amount representing their value in cash, to a protected child account that is provided by a person chosen by the registered contact, and

(b) when all the investments have been transferred, close the child trust fund.

(2) An account is only a protected child account for the purposes of section 7A(2) of the Act if it satisfies the condition of being a junior ISA account within regulation 2B of the Individual Savings Account Regulations 1998 .

Section 7 Amendment of the Child Trust Funds Regulations 2004

In the heading to regulation 21, omit “to other account providers”.

Section 8 Amendment of the Child Trust Funds Regulations 2004

(1) In regulation 21(1), after sub-paragraph (b), omit “or” and insert—

(ba) there is a transfer under regulation 20A to a protected child account, or

(2) In regulation 21(1)(c), omit “or in a group transfer of accounts”.

(3) In regulation 21(2), after the first use of “transfer”, insert “in paragraph (1)(a), (b) or (c)”.

(4) In regulation 21(3A), after “transferred”, insert “under regulation 20A or”.

(5) Omit regulation 21(3B) to (3F).

(6) In regulation 21(3G), omit everything from “whether or not” to “is made”.

(7) After regulation 21(4), insert—

(4A) In relation to paragraph (1)(ba), the account provider shall on the date of the transfer give the person providing the protected child account a notice containing the information specified in paragraph (5)(a) and (b)(i), (ii) and (iv) and the declaration specified in paragraph (6) (with references to “transferor” changed to “account provider” and references to “transferee” changed to “person providing the protected child account”).

Section 9 Amendment of the Child Trust Funds Regulations 2004

(1) In regulation 31(2), after the third use of “regulation”, insert “20A or”.

(2) Omit regulation 31(3) and (4).

Section 10 Amendment of the Child Trust Funds Regulations 2004

In regulation 32(2)—

(a) omit “to another account provider”;

(b) after “regulation”, insert “20A or”.

Section 11 Amendment of the Child Trust Funds Regulations 2004

In paragraph 2(6) of the Schedule, in the meaning of “lifestyling”, for “13” substitute “15”.