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04 November 2009

Child Trust Fund Annual Statistics

The Exchequer Secretary to the Treasury, Sarah McCarthy-Fry MP, has today released the annual Child Trust Fund statistics showing a high awareness and strong take-up of Child Trust Funds. She 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:

Sarah McCarthy-Fry said:

“The Child Trust Fund is now the key means to support the next generation of savers, with 4.6 million children saving around £2bn in Child Trust Fund accounts.

I am writing today to MPs across the political spectrum, asking them all to support the Child Trust Fund. They have a key role in helping their constituents, raising the profile of the Child Trust Fund and directing parents to the help that is available in opening their children’s accounts.”

The statistics released today comprise:

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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