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Child Trust Funds

Treasury written question – answered on 16th January 2007.

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Photo of Vincent Cable Vincent Cable Shadow Chancellor of the Exchequer, Liberal Democrat Spokesperson (Treasury)

To ask the Chancellor of the Exchequer what estimate he has made of the number of child trust fund accounts opened by the Government where the account may contravene the religious beliefs of the parents of the child; what steps he has taken to avoid such action; what alternative provision he has considered; and if he will make a statement.

Photo of Edward Balls Edward Balls The Economic Secretary to the Treasury

Up to the end of September 2006, HMRC had opened a total of just over 0.5 million accounts for children. These are stakeholder accounts allocated on a rotational basis among 14 providers. HMRC does not have access to information on the religious beliefs of parents. Parents have 12 months from the receipt of their voucher to open an account of their choice and Sharia and ethical accounts are available. They may also move any Government allocated account at any time. The CTF information booklet and website detail Shari'a compliant and ethical CTF accounts available.

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