House of Lords written question – answered at on 21 March 2005.
asked Her Majesty's Government:
Whether they will review the provision for those individuals, the so-called "missing millions", who were born before 1 September 2002 and therefore do not qualify for a child trust fund.
The child trust fund goes live on
Every child has a personal tax allowance of £4,745 a year and parents are taxed on their child's account only when the gift produces more than £100 gross income per year, per parent.
Parents can also save without having to pay tax through ISAs and in the Budget, the Chancellor announced that he would be extending the existing higher ISA limits of £7,000 with a maximum of £3,000 in cash through to 2010, providing parents with an opportunity to save for their children's future.
The child trust fund offers new opportunities and new incentives that never existed before. In conjunction with other saving products offered by the market it will help to encourage saving for all children. The Government keep all saving incentives under review.
Yes1 person thinks so
No0 people think not
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