HM TREASURY News
Release (PN/118/08) issued by COI News Distribution Service. 6
November 2008
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 via http://www.hmrc.gov.uk/ctf/stats.htm
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, http://www.childtrustfund.gov.uk
, 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.
Non-media enquiries should be addressed to the Treasury
Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk
This Press Release and other Treasury publications are available
on the HM Treasury website http://www.hm-treasury.gov.uk
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