[F17BTransfers on child reaching 18U.K.
(1)Regulations may make provision requiring an account provider to transfer all the investments under a child trust fund held by a person immediately before his or her 18th birthday to a protected account of a description prescribed in the regulations.
(2)Regulations under subsection (1) must include provision that the requirement does not apply if the person gives instructions, in accordance with the regulations, to the account provider as to what is to be done with the investments.
(3)An account is a protected account if—
(a)there is relief from income tax and capital gains tax in respect of investments under it, and
(b)it satisfies any other conditions prescribed in regulations under this section.]
Textual Amendments
F1S. 7B inserted (26.3.2015 for specified purposes) by Deregulation Act 2015 (c. 20), ss. 62(3), 115(2)(d)