Citation and commencement

1. These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2023 and come into force on 6th April 2023.

Amendment of the Child Trust Funds Regulations 2004

2.The Child Trust Funds Regulations 2004( 2 ) are amended in accordance with these Regulations.

Amendment of regulation 2

3. In regulation 2(1)(c) (interpretation)( 3 ), in the definition of “recognised UCITS”, at the end of paragraph (b) insert—

“ ; or

(c) a recognised scheme in accordance with section 271A of the Financial Services and Markets Act 2000 ( 4 ) ; ” .

Amendment of regulation 10

4. In regulation 10(4) (statements for an account), omit sub-paragraphs (b) and (c).

Amendment of regulation 12

5. —(1) In regulation 12(2)(f) (qualifying investments for an account)( 5 ), after “shares in an investment trust” insert “listed or admitted to trading on a recognised stock exchange in circumstances where the trust satisfies the condition specified in paragraph (3)” .

(2) In regulation 12(3)—

(a) in the opening words, after “paragraph (2)(a)” insert “or (f)” ; and

(b) in sub-paragraph (a), after “shares in a company” insert “or investment trust” .

Amendment of regulation 13C

6. In regulation 13C(5)(c) (matured CTF account)( 6 ), omit “(b), (c),”.

Amendment of regulation 16

7. —(1) For regulation 16(3) (account provider – withdrawal by Board of approval)( 7 ), substitute—

“ (3) The notice to which paragraph (1) refers must specify—

(a) the disqualifying circumstances;

(b) that the withdrawal shall only be effective from the date on which the last of the accounts has been transferred to another provider; and

(c) that from the date of the notice, the account provider must not accept subscriptions or open any new accounts. ” .

(2) After regulation 16(4), insert—

“ (5) From the date of the notice, the account provider must not accept subscriptions or open new accounts. ” .

Amendment of regulation 18A

8. In regulation 18A (permitted withdrawals from an account where the child is terminally ill)( 8 ), in paragraph (2)(b)(ii) and (6)(b) after “section 72(5) of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (the care component)”, insert “and, for this purpose, section 66(2)(a)( 9 ) of that Act (attendance allowance for the “terminally ill”) is deemed to apply as if for “6 months” there were substituted “12 months.”” .

Amendment of regulation 19

9. After regulation 19(5) (account provider’s intention to make a bulk transfer of accounts or to cease to act as an account provider)( 10 ), insert—

“ (6) An account provider must not cease to act in relation to an account until that account has been transferred to another provider. ” .

Amendment of regulation 20

10. After regulation 20(3) (account provider ceasing to qualify)( 11 ), insert—

“ (4) An account provider must not cease to act in relation to an account until that account has been transferred to another account provider in accordance with these Regulations. ” .