Citation and commencement

1. These Regulations may be cited as the Child Trust Funds (Amendment No. 2) Regulations 2005 and shall come into force on 6th April 2005.

Amendments to the Child Trust Funds Regulations 2004

2.The Child Trust Funds Regulations 2004( 2 ) are amended as follows.

3. In regulation 2(1)(b)( 3 ) insert the following definition at the appropriate place—

“ “credit union” means a society registered as a credit union under the Industrial and Provident Societies Act 1965 ( 4 ) or the Credit Unions (Northern Ireland) Order 1985 ( 5 ) ; ” .

4. In regulation 11(5) after “deposit-taker” insert “(including for this purpose a credit union)”.

5. In regulation 12(2)(k) after “Taxes Act” insert “(including for this purpose a credit union)”.

6. In regulation 14(2)(b)(ii) after “subject to” insert “paragraph (iia) and”.

7. After regulation 14(2)(b)(ii) insert—

“ (iia) in the case of a credit union, to accept vouchers from any responsible person or the child if 16 or over, if the child to which the voucher relates is a member, or fulfils or is treated as fulfilling a qualification for admission to membership, of the credit union (subject to regulation 13(8)), ” .

8. After regulation 14(2)(d)(i) insert—

“ (ia) in the case of a credit union, an authorised person within the meaning of section 31(1)(a) of the Financial Services and Markets Act 2000 ( 6 ) , who has permission to carry on one or more of the activities specified in Article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( 7 ) ; ” .

9. Omit regulation 32(2)(a)(i) and (ii).