Amendments proposed to the Child Trust Funds Bill - continued | House of Commons |
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Mr George Osborne 19 Clause 5, page 3, line 41, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 116 *Clause 5, page 3, line 43, leave out 'in accordance with regulations' and insert 'within four weeks of receipt of the voucher'.
Mr George Osborne 20 Clause 5, page 3, line 43, at end add'(5) In the case of any child to whom section [funds for children other than eligible children](1)(a) applies, a responsible person may apply to open for the child with an account provider a child trust fund of any description provided by the account provider. (6) On receipt of an application under subsection (5) the account provider must
Mr George Osborne 21 Clause 6, page 4, line 2, leave out 'this section' and insert 'subsection (3)'.
Mr George Osborne 117 *Clause 6, page 4, line 3, after 'selected', insert 'at random'.
Mr George Osborne 22 Clause 6, page 4, line 4, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 23 Clause 6, page 4, line 7, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 118 *Clause 6, page 4, line 9, leave out 'in accordance with regulations' and insert 'within four weeks of receipt of the application'.
Mr George Osborne 24 Clause 6, page 4, line 10, leave out 'section' and insert 'subsection'.
Mr George Osborne 25 Clause 6, page 4, line 15, leave out '5(3)' and insert '5(3B)(a)'.
Mr George Osborne 26 Clause 6, page 4, line 15, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 119 *Clause 6, page 4, line 16, leave out from 'child' to end of line 18.
Mr George Osborne 27 Clause 6, page 4, line 18, at end insert'(4A) In the case of any child to whom section [funds for children other than eligible children](1)(b) applies, the Inland Revenue must, upon application by a nominated person, apply to open for the child with an account provider selected by the nominated person a child trust fund of a description provided by the account provider and specified by the nominated person in his application. (4B) The account provider must
Mr George Osborne 120 *Clause 6, page 4, line 19, leave out subsection (5).
Mr George Osborne 28 Clause 6, page 4, line 20, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 29 Clause 6, page 4, line 20, after 'Revenue', insert 'or by a nominated person'.
Mr David Laws 149 *Clause 6, page 4, line 20, at end add'(6) Accounts and account providers selected by the Inland Revenue under subsection (1) shall meet lower risk criteria set out from time to time by the Financial Services Authority, designed to reduce the risks of significant capital losses from child trust fund accounts which have been opened or selected by the Inland Revenue.'.
Mr George Osborne 30 Clause 6, page 4, line 20, at end add'(6) In this section "nominated person" means a person who
Mr George Osborne 31 Clause 7, page 4, line 23, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 32 Clause 7, page 4, line 26, leave out 'child trust fund' and insert 'baby bond'.
Mr David Laws 150 *Clause 7, page 4, line 27, at end add
Mr George Osborne 121 *Clause 7, page 4, line 27, at end add 'provided that no transfer may take place without the agreement of a responsible person'.
Mr George Osborne 122 *Clause 8, page 4, line 30, leave out 'such amount' and insert 'an amount no less than £250'.
Mr George Osborne 33 Clause 8, page 4, line 32, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 34 Clause 8, page 4, line 34, at end insert'(1A) Regulations under subsection (1) must prescribe an initial contribution of nil in respect of any child trust fund held by a child born before 1st September 2002.'.
Mr George Osborne 35 Clause 8, page 4, line 35, leave out 'child trust fund' and insert 'baby bond'.
Mr David Laws 151 *Clause 8, page 4, line 36, at end add'(3) The initial contribution payable for children in care shall be set at four times the prevailing standard initial contribution amount.'.
Mr George Osborne 36 Clause 9, page 4, line 39, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 123 *Clause 9, page 5, line 2, leave out 'such amount' and insert 'an amount no less than £250'.
Mr George Osborne 37 Clause 9, page 5, line 3, at end insert'(2A) Regulations under subsection (2) may prescribe a contribution of nil in respect of any child trust fund held by a child born before 1st September 2002.'.
Mr George Osborne 38 Clause 9, page 5, line 4, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 39 Clause 9, page 5, line 7, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne 124 *Clause 9, page 5, line 12, leave out 'entitled' and insert 'eligible for'.
Mr George Osborne 125 *Clause 9, page 5, line 13, leave out from 'date' to end of line 17.
Mr George Osborne 126 *Clause 9, page 5, line 47, leave out '2003' and insert '2002'.
Mr David Laws 152 *Clause 9, page 6, line 7, at end add'(11) The supplementary contribution shall be fixed at an amount of not less than 100 per cent. of the initial contribution amount.'.
Mr George Osborne 40 Clause 10, page 6, line 10, leave out 'child trust funds' and insert 'baby bonds'.
Mr George Osborne 127 *Clause 10, page 6, line 14, leave out from 'of' to end of line and insert '£50, or £100 for a child to whom section 9 applies'.
Mr George Osborne 128 *Clause 10, page 6, line 16, leave out from 'attaining' to end of line and insert 'the age of seven'.
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