Mar 13 2008
Parents are now able to add to a child trust fund (CTF) opened on behalf of their son or daughter without needing to have the physical vouchers they have been issued with, it has been announced.
A unique reference number all that will be required for parents to take control of their child's CTF allocation and add it to a financial services product of their choice.
The Tax Incentivised Saving Association (Tisa) has welcomed the changes to the CTF system that were recently brought in by the government and suggested that it will increase the flexibility of the products and help boost their uptake around the country.
"We look forward to working with HM Revenues & Customs and HM Treasury about how to maximise the benefits accruing from the government's transformative CTF programme," said Tisa director general Tony Vine-Lott.
Earlier this year, Tisa welcomed the government's plan to encourage the use of CTFs as a way for parents and teachers to engage young people with financial issues.
