Clause 7 - Transfers
Child Trust Funds Bill
1:00 am
Ms Ruth Kelly (Financial Secretary, HM Treasury; Bolton West, Labour)
I can answer that point briefly. I am certainly attracted to the idea of the transfer being without charge, although we shall, of course, specify any decision when the regulations are laid. I repeat to the Committee that that will be during the passage of the Bill in the Commons. We try to ensure that the information is available at the earliest possible opportunity, so that there is maximum time for debate. I assure the hon. Gentleman that that continues to be the case. However, to clarify one point in which I am sure he is interested, recovery of the necessary costs of effecting a transfer, such as share dealing costs, and stamp duty costs on the sale of purchases of shares, would be allowed, and it would not count towards the stakeholder charge cap. I am minded to try to ensure that every other aspect of any transfer is free.