Child Trust Funds

Tuesday 14th May 2013 Written Statements

[The Economic Secretary to the Treasury (Sajid Javid)]

The Government have today launched a consultation on whether they should permit the transfer of savings held in child trust funds to junior ISAs, and, if so, on what basis. The Government propose that voluntary transfers from child trust funds to junior ISAs should be allowed if requested by the registered contact for an account, usually the parent or guardian.

The purpose of the consultation, which runs until 6 August, is to obtain further evidence on potential costs, benefits and other impacts of the Government’s proposal, as well as asking for opinions on any alternative proposals, before deciding whether to proceed with any changes.

I will deposit copies of the consultation document in the Libraries of both Houses.