Childcare accounts
I1I2I3I4I5I6I7I815Childcare accounts
1
In this Act “childcare account” means an account which—
a
is held by a person for the purpose of receiving top-up payments in respect of a qualifying child,
b
is provided by a person or body within section 16(1),
c
satisfies the requirements imposed by or under this Act, and
d
has been opened in accordance with this Act.
2
Each childcare account must be held in respect of one child only.
3
Regulations may—
a
impose other requirements which must be satisfied in relation to childcare accounts, and
b
make provision about the way in which payments may be made into, or from, childcare accounts.
4
Regulations may provide that a person of a specified description may, or may in specified circumstances, manage a childcare account on behalf of the account-holder.
5
The provision that may be made by regulations under subsection (4) includes—
a
provision enabling HMRC to appoint a person for the purpose of managing a childcare account on the account-holder's behalf, and
b
provision specifying functions in relation to the management of a childcare account which persons, or persons of a specified description, may not perform on an account-holder's behalf.
6
In subsections (4) and (5) “specified” means specified in the regulations.
7
Where a contract is entered into by or on behalf of a person who is 16 or 17 years old in connection with a childcare account held by the person, the contract has effect as if the person had been 18 or over when it was entered into.
8
If the Commissioners so consent, fees may be charged in connection with a childcare account by the account provider.
9
But the account provider may not charge any fees merely for—
a
providing a childcare account,
b
enabling a qualifying payment to be made into a childcare account (see section 19), or
c
enabling a payment to be made from a childcare account in respect of qualifying childcare for the child in respect of whom the account is held.
10
In this Act—
a
the “account-holder”, in relation to a childcare account, means the person who holds the childcare account, and
b
the “account provider”, in relation to a childcare account, means the person or body who provides the childcare account.