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(1)Regulations may make provision requiring an account provider, at the request of a person who has the authority to manage a child trust fund, to—
(a)transfer all the investments under the fund, or an amount representing their value in cash, to a protected child account that is provided by a person chosen by the person making the request, and
(b)when all the investments have been transferred, close the child trust fund.
(2)An account is a protected child account if—
(a)there is relief from income tax and capital gains tax in respect of investments under it,
(b)it may be held only by a child, and
(c)it satisfies any other conditions prescribed in regulations under this section.]
Textual Amendments
F1S. 7A inserted (26.3.2015 for specified purposes) by Deregulation Act 2015 (c. 20), ss. 62(2), 115(2)(d)