Child trust fund saving accounts
The Child Trust Fund (CTF) is a Government backed savings scheme for chldren that came was launched on 6 April 2005, It is designed for all children receiving Child Benefit who were born on or after the 1st of September 2002. Under the child trust initiative, the Government will provide a minimum of £250 in the form of a voucher (low income families could recieve much more, low income figures for 2007/08 was decided as under£14,495 for household income ), accepted by the Child Trust Fund providers, to open a tax-free Child trust fund saving account on behalf of the child. A further payment of £250 is paid into their Child Trust Fund at age 7 from the Government. Additional funds can be paid into the account up to a maximum limit of £1,200 a year.


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