The Child Trust Funds Act 2004 (c. 6) is an act of the Parliament of the United Kingdom.
The goal of the legislation was to create a culture of saving among younger people.
Provisions The act gave all newborns trusts with at least with being given to children in less wealthy families.
Additionally, the act provided for children to receive a cash sum from the government.
The scheme set up by the act was sometimes known as the "baby bond scheme".
Implementation When the scheme became operational, there were 75 possible options for which bank to choose for the account.
The Child Trust Funds Regulations 2004 The Child Trust Funds Regulations 2004 (SI 2004/1450)SI 2004/1450 were made under this Act.
Those regulations are amended by the following regulations, also made under this Act: The Child Trust Funds (Amendment) Regulations 2004 (SI 2004/2676) The Child Trust Funds (Amendment No. 2) Regulations 2004 (SI 2004/3382) The Child Trust Funds (Amendment) Regulations 2005 (SI 2005/383) The Child Trust Funds (Amendment No. 2) Regulations 2005 (SI 2005/909) The Child Trust Funds (Amendment No. 3) Regulations 2005 (SI 2005/3349) The Child Trust Funds (Amendment) Regulations 2006 (SI 2006/199) The Child Trust Funds (Amendment No. 2) Regulations 2006 (SI 2006/2684) The Child Trust Funds (Amendment No. 3) Regulations 2006 (SI 2006/3195) The Child Trust Funds (Amendment) Regulations 2009 (SI 2009/475) The Child Trust Funds (Amendment No. 2) Regulations 2009 (SI 2009/694) The Child Trust Funds (Amendment) Regulations 2010 (SI 2010/582) The Child Trust Funds (Amendment No. 2) Regulations 2010 (SI 2010/836) The Child Trust Funds (Amendment No. 3) Regulations 2010 (SI 2010/1894) The Child Trust Funds (Amendment No. 4) Regulations 2010 (SI 2010/2599)
Reception The Conservatives described the legislation as not being right to be introduced before the 2005 general election.
Notes
References "Child Trust Funds Act 2004". Halsbury's Statutes of England and Wales. Fourth Edition. LexisNexis. 2009 Reissue. Volume 6(2). Page 452. "Child Trust Funds Act 2004". Current Law Statutes 2004. Sweet & Maxwell. London. W Green. Edinburgh. 2005. Volume 1. Chapter 6.
External links
Explanatory notes to the Child Trust Funds Act 2004.