Citation and commencement

1.  These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2017 and come into force on 6th April 2017.

Amendment of the Child Trust Funds Regulations 2004

2.  The Child Trust Funds Regulations 2004(2) are amended as follows.

3.  In regulation 2 (interpretation)-

(a)in paragraph (1)(b) for the definition of "investment trust", substitute-

""investment trust"(3) means an investment trust within the meaning of section 1158 of the Corporation Tax Act 2010(4);"; and

(b)in paragraph (2) for "33(1)" in both places it appears, substitute "33A(6)(5)".

4.  In regulation 9(2) and (3) (annual limit on subscriptions)(6) for "£4,080", substitute "£4,128".

5.  In regulation 14(2)(d)(i) (account provider-qualifications and Board's approval)(7) for "51", substitute "51ZA, 51ZC, 51ZE(8)".

6.  In regulation 21 (transfer of accounts) -

(a)in paragraph (4) omit "and the declaration specified in paragraph (6)";

(b)in paragraph (4A)(9) omit from "and the declaration" to the end; and

(c)omit paragraph (6).

7.  In regulation 33A (The Official Solicitor or Accountant of Court to be the person who has the authority to manage an account)-

(a)in paragraph (2), Condition 5-

(i)in sub-paragraph (a) omit "and Wales"; and

(ii)after that sub-paragraph insert -

"(ab)in Wales, has the meaning in section 76 of the Social Services and Well-being (Wales) Act 2014(10);"; and

(b)in paragraph (6), in the definition of "looked after child"-

(i)in sub-paragraph (a) omit "and Wales" and, at the end, "and"; and

(ii)after that sub-paragraph insert -

"(ab)in Wales means looked after by a local authority within the meaning of section 74 of the Social Services and Well-being (Wales) Act 2014; and".

8.  In the Schedule, in paragraph 2 (characteristics of stakeholder account etc.)-

(a)in sub-paragraph (2)(c)(ii) for "; and" substitute".";

(b)omit sub-paragraph (2)(d); and

(c)in sub-paragraph (6) omit the definition of "lifestyling".

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Child Trust Funds Regulations 2004 (S.I.2004/1450) ("the Child Trust Funds Regulations"). They provide for the annual limit on subscriptions to be increased from £4,080 to £4,128 (regulation 4); the removal of the requirement for lifestyling (regulation 8) and make minor changes to take account of changes in other legislation referred to in the Child Trust Funds Regulations.

A Tax Information and Impact Note covering this Instrument will be published on the HM Government website at: https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.