Treasury to lift ban on Child Trust Fund transfers
Business News 02 Jan 2014
Parents will be able to transfer money held in Child Trust Funds (CTFs) into more favourable Junior Individual Savings Accounts (JISAs), under new plans announced by the Government.
In a major change to the existing rules, the Chancellor George Osborne has revealed that the current ban on such transfers will be lifted from April 2015.
CTFs were introduced by the previous Labour Government and were available to children born between 1 September 2002 and 31 December 2010 inclusive.
However, the accounts were scrapped by the coalition Government and replaced with the new JISA, which offers more generous rates of return.
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