Asked by: Tim Loughton (Conservative - East Worthing and Shoreham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer what recent discussions he has had with his Swiss counterpart on equivalence between UK and Swiss financial markets and products after the transition period.
Answered by John Glen
The UK and Switzerland have a strong and established relationship on financial services, with a large volume of cross-border financial services trade.
To ensure continuity in our relationship, the government has converted all equivalence decisions that the European Union currently has with Switzerland (with the exception of Central Clearing Counterparties equivalence), into UK domestic law. This means that they will continue to apply when the transition period ends.
The ability for HM Treasury to make equivalence decisions becomes active from the end of the Transition Period. After this time, HM Treasury will be able to grant equivalence to non-EEA jurisdictions. The UK is committed to maintaining an outcomes-based model of equivalence which recognises that a combination of different rules and supervisory practices may be used to achieve the same levels of resilient, market integrity, consumer protection, and financial stability.
Asked by: Tim Loughton (Conservative - East Worthing and Shoreham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will list the financial firms who operate Child Trust Funds.
Answered by John Glen
HMRC has published the number of CTF and contributions in the following publications for the years requested. The following links provide the last edition of these publications.
Link to “Child Trust Fund Statistical Report” – https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255886/statistical-report.pdf
Link to “Child Trust Funds: detailed distributional analysis” - https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255881/dda.pdf
HMRC does not have records of, nor have they made any estimations of, CTF accounts where the child or their parents is unaware of which firm is maintaining the account. CTF providers are required in legislation to send out regular statements to the contact for the account. However, although the primary relationship is between the account provider and the child’s parents, if they don’t know which provider is managing their child’s account, they can use the following online form to track the account.
https://www.gov.uk/child-trust-funds
HMRC estimates the market value of all Child Trust Funds (as at 2015-16), which will start to be eligible to be accessed by their beneficial holder from September 2020, to be £7,450 m. This estimate used the latest complete Child Trust Fund information available to HMRC – relating to 2015-16. This may not necessarily be reflective of the market value the accounts when they reach maturity.
A complete list of authorised Child Trust Fund Providers is held at the following webpage: https://www.gov.uk/government/publications/list-of-authorised-child-trust-fund-providers/child-trust-fund-account-providers
Asked by: Tim Loughton (Conservative - East Worthing and Shoreham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much money is invested in Child Trust Funds which will be eligible to be accessed by their beneficial holder from September 2020.
Answered by John Glen
HMRC has published the number of CTF and contributions in the following publications for the years requested. The following links provide the last edition of these publications.
Link to “Child Trust Fund Statistical Report” – https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255886/statistical-report.pdf
Link to “Child Trust Funds: detailed distributional analysis” - https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255881/dda.pdf
HMRC does not have records of, nor have they made any estimations of, CTF accounts where the child or their parents is unaware of which firm is maintaining the account. CTF providers are required in legislation to send out regular statements to the contact for the account. However, although the primary relationship is between the account provider and the child’s parents, if they don’t know which provider is managing their child’s account, they can use the following online form to track the account.
https://www.gov.uk/child-trust-funds
HMRC estimates the market value of all Child Trust Funds (as at 2015-16), which will start to be eligible to be accessed by their beneficial holder from September 2020, to be £7,450 m. This estimate used the latest complete Child Trust Fund information available to HMRC – relating to 2015-16. This may not necessarily be reflective of the market value the accounts when they reach maturity.
A complete list of authorised Child Trust Fund Providers is held at the following webpage: https://www.gov.uk/government/publications/list-of-authorised-child-trust-fund-providers/child-trust-fund-account-providers
Asked by: Tim Loughton (Conservative - East Worthing and Shoreham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many Child Trust Funds remain unlinked with the current details of the beneficial owner.
Answered by John Glen
HMRC has published the number of CTF and contributions in the following publications for the years requested. The following links provide the last edition of these publications.
Link to “Child Trust Fund Statistical Report” – https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255886/statistical-report.pdf
Link to “Child Trust Funds: detailed distributional analysis” - https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255881/dda.pdf
HMRC does not have records of, nor have they made any estimations of, CTF accounts where the child or their parents is unaware of which firm is maintaining the account. CTF providers are required in legislation to send out regular statements to the contact for the account. However, although the primary relationship is between the account provider and the child’s parents, if they don’t know which provider is managing their child’s account, they can use the following online form to track the account.
https://www.gov.uk/child-trust-funds
HMRC estimates the market value of all Child Trust Funds (as at 2015-16), which will start to be eligible to be accessed by their beneficial holder from September 2020, to be £7,450 m. This estimate used the latest complete Child Trust Fund information available to HMRC – relating to 2015-16. This may not necessarily be reflective of the market value the accounts when they reach maturity.
A complete list of authorised Child Trust Fund Providers is held at the following webpage: https://www.gov.uk/government/publications/list-of-authorised-child-trust-fund-providers/child-trust-fund-account-providers
Asked by: Tim Loughton (Conservative - East Worthing and Shoreham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much was contributed to Child Trust Funds from parents and relatives; and to how many accounts.
Answered by John Glen
HMRC has published the number of CTF and contributions in the following publications for the years requested. The following links provide the last edition of these publications.
Link to “Child Trust Fund Statistical Report” – https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255886/statistical-report.pdf
Link to “Child Trust Funds: detailed distributional analysis” - https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255881/dda.pdf
HMRC does not have records of, nor have they made any estimations of, CTF accounts where the child or their parents is unaware of which firm is maintaining the account. CTF providers are required in legislation to send out regular statements to the contact for the account. However, although the primary relationship is between the account provider and the child’s parents, if they don’t know which provider is managing their child’s account, they can use the following online form to track the account.
https://www.gov.uk/child-trust-funds
HMRC estimates the market value of all Child Trust Funds (as at 2015-16), which will start to be eligible to be accessed by their beneficial holder from September 2020, to be £7,450 m. This estimate used the latest complete Child Trust Fund information available to HMRC – relating to 2015-16. This may not necessarily be reflective of the market value the accounts when they reach maturity.
A complete list of authorised Child Trust Fund Providers is held at the following webpage: https://www.gov.uk/government/publications/list-of-authorised-child-trust-fund-providers/child-trust-fund-account-providers
Asked by: Tim Loughton (Conservative - East Worthing and Shoreham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many Child Trust Fund accounts were taken out between their introduction in September 2002 and their replacement by junior ISA's in January 2011; and how much was invested in them from public funds.
Answered by John Glen
HMRC has published the number of CTF and contributions in the following publications for the years requested. The following links provide the last edition of these publications.
Link to “Child Trust Fund Statistical Report” – https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255886/statistical-report.pdf
Link to “Child Trust Funds: detailed distributional analysis” - https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255881/dda.pdf
HMRC does not have records of, nor have they made any estimations of, CTF accounts where the child or their parents is unaware of which firm is maintaining the account. CTF providers are required in legislation to send out regular statements to the contact for the account. However, although the primary relationship is between the account provider and the child’s parents, if they don’t know which provider is managing their child’s account, they can use the following online form to track the account.
https://www.gov.uk/child-trust-funds
HMRC estimates the market value of all Child Trust Funds (as at 2015-16), which will start to be eligible to be accessed by their beneficial holder from September 2020, to be £7,450 m. This estimate used the latest complete Child Trust Fund information available to HMRC – relating to 2015-16. This may not necessarily be reflective of the market value the accounts when they reach maturity.
A complete list of authorised Child Trust Fund Providers is held at the following webpage: https://www.gov.uk/government/publications/list-of-authorised-child-trust-fund-providers/child-trust-fund-account-providers