06 November 2008
Child Trust Fund Annual Statistics
The Economic Secretary to the Treasury, Ian Pearson MP, has today announced the publication of statistics on the Child Trust Fund (CTF), which have been released by HMRC. He has also written individually to all MPs informing them of CTF performance in their constituencies and encouraging them to promote the CTF amongst parents.
The statistics show that:
97% of eligible parents are aware of the Child Trust Fund
around three quarters of parents continue to open accounts for their children within the first year
there has been a small upturn in the number of accounts opened by parents in the first year
Ian Pearson said:
“The third year of the Child Trust Fund has continued to build firmly on the success of the founding years, but we still need to do more. This is why I am writing today to all MPs to encourage them to further raise the profile of the Child Trust Fund in their constituencies and to direct parents towards the help available to them in opening and engaging with their children’s accounts.”
The statistics released today comprise:
the Child Trust Fund Annual statistical report, showing high level administrative information on the operation of the CTF scheme;
the Child Trust Fund Detailed Distributional Analysis, showing a wide range of detailed statistical data on the CTF, and
constituency level Child Trust Fund statistics.
Notes for editors
1. The statistics can be found on the HMRC website.
2. The Child Trust Fund (CTF) is a tax-favoured long-term savings and investment account for children born on or after 1 September 2002. Children are eligible provided they live in the UK, have Child Benefit claimed for them and are not subject to immigration restrictions.
3. No eligible child will miss out on a CTF account. If parents do not open a CTF account for their child within one year, HMRC will automatically open an account for the child.
4. Further information is available to parents on the CTF website, including practical tools such as an account chooser - to help parents select the right account for their child - and a CTF calculator - to help parents work out what the account could be worth.
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