Child Trust Fund

[Nicky]

My son (who is 3) has a CTF account (unfortunately my other 2 children are older and missed out) so I made some enquiries what would happen to it when we move to Oz. Obviously the Government wouldn't make any more contributions if we were to leave the country which is what I expected. The Children's Mutual told me that we could move the money into an account in Oz but it wouldn't be tax exempt so advised it probably would be better to leave it here. However if my son, when he reached 18, wanted to take the money out of the account he could only do so by returning to the UK. At the moment there's only about £600 in the account and when you bear in mind how much filghts are it would hardly seem worth the bother!

 

Is there an equivalent account the money could be transferred to?

 

 

Nicky

[Guest cunnah10]

My son (who is 3) has a CTF account (unfortunately my other 2 children are older and missed out) so I made some enquiries what would happen to it when we move to Oz. Obviously the Government wouldn't make any more contributions if we were to leave the country which is what I expected. The Children's Mutual told me that we could move the money into an account in Oz but it wouldn't be tax exempt so advised it probably would be better to leave it here. However if my son, when he reached 18, wanted to take the money out of the account he could only do so by returning to the UK. At the moment there's only about £600 in the account and when you bear in mind how much filghts are it would hardly seem worth the bother!

 

Is there an equivalent account the money could be transferred to?

 

 

Nicky

Hi

 

I am in same position as i also have a 3 year old with this child tax fund so will wait to see what replies you get!

 

Gill

[Guest Trakki]

We are in the same situation, 3 of our 4 children have trust funds and when I enquired they said that the money cannot be moved out under any circumstances but let them have all the Oz addresses we live at and they will send correspondance to there. I suppose you could always get some sort of legal agreement with a member of your family and the bank holding the account so that when the time comes that nominated person can withdraw the money on the 'childs' behalf. I don't know if this is possible but worth looking into.

[Guest cunnah10]

Hi TRACY

 

yes that sounds a good idea as it would be ridiculous if the child once turned 18 has to come back to the UK to draw it out themselves!

 

Gill

[Rachiegarlo]

what is this child tax fund, it didn't exist when I lived there.

[Guest cunnah10]

what is this child tax fund, it didn't exist when I lived there.

Hi

 

Thanks for info re interest rates!

 

 

Child trust fund was something the government brought out a few years ago!Obviously there is a start date so any children born before that are not entitled (as the case for 3 of my children)but my youngest who is 3 is one of the lucky ones and the government gave each child born after this decided date a "tax fund" For example my son got £250 voucher that i could invest for him until he reaches 18 years old!The government did say they will add to this every so many years (i think it is £250 every 7 years but i maybe wrong).

 

Gill

[Rachiegarlo]

ah so a bit like the baby bonus here then $5000, but it's paid to the mother, and I think it's now paid in installments to stop under age Jenny buying her massive TV with it.

[jo_marnes]

I was wondering this too! All my kids have CTF's here. My eldest has over £1000 in his. I suppose it depends on where you have invested it. Will go and talk to the bank I think!

[Guest tiggs]

My son (who is 3) has a CTF account (unfortunately my other 2 children are older and missed out) so I made some enquiries what would happen to it when we move to Oz. Obviously the Government wouldn't make any more contributions if we were to leave the country which is what I expected. The Children's Mutual told me that we could move the money into an account in Oz but it wouldn't be tax exempt so advised it probably would be better to leave it here. However if my son, when he reached 18, wanted to take the money out of the account he could only do so by returning to the UK. At the moment there's only about £600 in the account and when you bear in mind how much filghts are it would hardly seem worth the bother!

 

Is there an equivalent account the money could be transferred to?

 

 

Nicky

 

 

how would making someone go back to the uk enable them to withdraw money? that doesnt make any sense

The money is not held by the government but by a company - surely a company cant refuse to give someone their money because of where they live?! I would definitely talk to them again and ask them to explain this. Maybe they meant they would only transfer to a uk bank account? (tho this doesnt make much sense either really?)

 

When we enquired (our kids trust funds are with the uk post office) we were told that we just needed to keep them informed of our address and the normal rules would apply for the kids withdrawing when they are 18.

 

Adele

[Guest Trakki]

Just been to pay in Joe's birthday money to his Child trust fund and asked them about this. They said that you definitely can give a third party, ie member of family here permission to withdraw the money on the childs behalf, you need written authority from you as parent and the child (who will then be 18) and ID and then the person in the UK can withdraw the money in the form of a cheque made out to the child. This can then either be paid into an account here or sent to Oz.

 

Hope that helps:wubclub: