Local MP puts saving for children in the spotlight during Child Trust Fund Week, 15th-20th January 2007
17th January 2007
Aberavon MP, Dr Hywel Francis, has welcomed the first ever Child Trust Fund Week which runs from 15th -20th January and aims to raise awareness among new and expectant parents of the benefits of opening and saving in a Child Trust Fund account.
The Government's Child Trust Fund is a savings and investment account for children. It is intended to give every child the best start in life and to encourage savings amongst future generations. It was launched in April 2005.
The Child Trust Fund is a long-term savings and investment account. Family, friends and the child themselves can contribute up to £1,200 a year in total into the account. No one else will be able to withdraw the money and the child will not be able to access the account until they are 18. Neither the parents nor the child will be taxed on any interest or gains made in the account.
Dr Francis said,
"The Child Trust Fund is a great opportunity to give our children a head start in fulfilling their ambitions when they are 18."
"All children born on or after September 1st 2002 and who live in the UK will be given a £250 voucher to open a Child Trust Fund account. Children in lower-income families will receive an extra payment of £250 direct into their account once it has been opened."
"An additional payment of £250 will be made on the child's seventh birthday, with children in lower-income families again receiving an extra payment of £250."
Further information can be found at www.childtrustfund.gov.uk
