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Budget 2008
Child Trust Fund
- Long term savings and investment account set up by the Government.
- Applies to all children born after 31 August 2002 living in the UK for whom child benefit can be claimed.
- £250 voucher provided to child benefit claimant.
- Further £250 voucher to those claiming child tax credit.
- Additional payment by the Government of £250 when aged 7.
- Further £250 when aged 7 to those claiming tax credit.
- Maximum contribution from parents, family and friends £1,200 per annum.
- Income and gains arising are tax free.
- No access to the fund until the child is aged 18 except on death or terminal illness.
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