Dec 5 2007
Nationwide Building Society has called on the government to assist parents whose sons or daughters were born too late to benefit from the child trust fund system.
The building society suggests that there are millions of children around the UK who are too old to have a tax-incentivised CTF account opened in their name and that saving on their behalf is more costly as a result.
With this in mind, Nationwide wants to see the government relax the tax laws on child savings accounts in order to encourage more parents to contribute to vehicles of this kind.
Matthew Carter, director for savings at Nationwide, commented: "We are encouraged by the government's commitment to CTFs, however they are ignoring ten million other children who are not eligible by not addressing this tax inequality."
In September of this year, the first children in the UK to have a CTF opened in their name celebrated their fifth birthdays.
