- Latest available (Revised)
- Original (As made)
The Child Trust Funds (Amendment No. 2) Regulations 2005
You are here:
- 2005 No. 909
- Explanatory Note
What Version
Opening Options
Status:
This is the original version (as it was originally made). UK Statutory Instruments are not carried in their revised form on this site.
Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Child Trust Funds Regulations 2004 (S.I. 2004/1450). The principal effect of the amendments is to allow Credit Unions to act as a provider of child trust funds provided they are authorised persons under the Financial Services and Markets Act 2000. There is a small supplementary reduction in the information requirements placed on CTF providers.
Regulation 1 provides for citation and commencement.
Regulation 4 provides that Credit Unions may be deposit-takers for the purposes of Child Trust Funds and regulation 5 makes a corresponding extension to the qualifying investments for CTFs .
Regulations 6 and 7 provide that Credit Unions applying to be providers of Child Trust Funds must accept CTF vouchers from a responsible person or child who is 16, only where the child is a member or is treated as fulfilling the qualifications for admission to membership of the Credit Union.
Regulation 8 allows Credit Unions to act as a provider of child trust funds provided they are authorised persons under the Financial Services and Markets Act 2000.
Regulation 9 makes a simplifying amendment to the items of information required in the annual information return which CTF providers have to submit within 60 days of the end of each tax year (the first such return will be due after 6th April 2006).
A full Regulatory Impact Assessment was prepared for the introduction to Parliament of the Child Trust Funds Bill (which became the Child Trust Funds Act 2004) in November 2003.
Options/Help
Print Options
Print The Whole Instrument
Print This Explanatory Note only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources