CTF Bulletin Number 6 September 2005
The CTF Bulletin keeps CTF providers informed of any new developments relating to the CTF scheme. Please ensure the appropriate people in your organisation read it.
What this Bulletin contains
This Bulletin contains articles on
- Application forms - child's date of birth
- Annual information returns - child's date of birth and market value
- Clarification of compensation guidance
- Recovery of Government contributions
- October mailing
Enquiries on this bulletin should be addressed to
HM Revenue & Customs
SPS Technical
St John’s House
BOOTLE
Merseyside
L69 9BB
Telephone 0151 472 6022
E-mail:
Application forms - Child's date of birth
Regulation 13 of the CTF Regulations covers applications for opening an account and changes to an account (which includes changes of Registered Contact). Regulation 13(5) did not originally include a requirement for the child's date of birth to be included on applications. Paragraph 5.3.1 of the CTF guidance notes reflected the regulations.
The CTF (Amendment) Regulations 2004 No.2676 inserted into the main regulations the requirement for the child's date of birth to be entered on all applications - including an application by an individual to become the registered contact for a CTF. We have now included an additional bullet point for the child's date of birth in the guidance at paragraph 5.3.1.
Annual information returns - child's date of birth and market value
The CTF (Amendment) Regulations 2005 No.909 removed the requirement for the child's date of birth to be supplied on the annual information return. We have therefore removed paragraph 13.3.5 from the CTF guidance notes.
The annual return must contain the market value of the investments in each child’s account, valued at a date between 5 October and 5 April in the return period. Where a child dies during the return period before 5 October the market value at the date of death should be reported. Where the child dies on or after 5 October either the market value at death, or at an earlier date not before 5 October can be reported. We have expanded the guidance in (the new) paragraph 13.3.5.
Clarification of compensation guidance
We have expanded the guidance at paragraph 8.5.3 to make it clear that this paragraph refers only to compensation paid for delays in opening or subscribing to a CTF.
Recovery of government contributions
A new section 8.14 has been included in the guidance notes covering the action to be taken by providers when they receive a request for repayment of government contributions from CTF Office.
October mailing
We will start sending the October reminder letter to customers from 17 October 2005, spreading the mailing evenly over 3 weeks. The target group are parents with an unused voucher that expires on or before 5 April 2006. At present we expect to send between 800,000 and 900,000 letters, in the same order as the vouchers were originally issued.
