Child Trust Fund

Child Trust Fund
= baby bond
A government-backed savings scheme for children introduced from 6 April 2005. On that date, the UK government provided every child born on or after 1 September 2002 with £250 (£500 for the poorest families) to invest in an approved scheme; children born after 6 April 2005 receive this sum at birth. A further government payment will be made on the child's seventh birthday and parents and others will be allowed to top up the funds to a maximum of £1200 a year tax free. The funds will mature when the child is 18.

Accounting dictionary. 2014.

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