2024 No. 349

CHILD TRUST FUNDS

The Child Trust Funds (Amendment) Regulations 2024

Made

Laid before Parliament

Coming into force

The Treasury make these Regulations in exercise of the powers conferred by sections 3(5) and 28(2) and (3) of the Child Trust Funds Act 20041.

Citation and commencement1

These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2024 and come into force on 6th April 2024.

Amendment of the Child Trust Funds Regulations 20042

1

The Child Trust Funds Regulations 20042 are amended as follows.

2

In regulation 2 (interpretation), in paragraph (1)—

a

in sub-paragraph (b), in the definition of “non-UCITS retail scheme”, in paragraph (b) after “by virtue of section” insert “271A3 or”;

b

in sub-paragraph (c), in the definition of “recognised UCITS”—

i

omit paragraph (a);

ii

for paragraph (c) substitute—

c

a recognised scheme by virtue of section 271A or 272 of FISMA 20004 that is a UCITS within the meaning given by section 236A5 of that Act;

3

In regulation 14 (account provider - qualifications and Board’s approval), in paragraph (2)(f) omit paragraph (i).

Joy MorrisseyScott MannTwo of the Lords Commissioners of His Majesty's Treasury
Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Child Trust Funds Regulations 2004 by:

  • updating definitions relating to certain investment funds (regulation 2(2)), and

  • removing a provision which allowed certain institutions based in EU member states to conduct business without being present in the United Kingdom (regulation 2(3)).

A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.