Amendments proposed to the Child Trust Funds Bill - continued	House of Commons
back to previous text

   

Mr George Osborne
Mr Peter Atkinson

77

Clause     18,     page     10,     line     10,     leave out 'Child Trust Funds' and insert 'Baby Bonds'.

---

   

Mr George Osborne
Mr Peter Atkinson

78

Clause     19,     page     10,     line     22,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

79

Clause     19,     page     10,     line     27,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

80

Clause     19,     page     10,     line     27,     leave out 'and'.

   

Mr George Osborne
Mr Peter Atkinson

81

Clause     19,     page     10,     line     31,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

82

Clause     19,     page     10,     line     31,     at end insert 'and

    (d)   that the Inland Revenue was required under regulations under section [additional contributions by Inland Revenue for children in care] to make a payment in respect of the child but either the payment had not been made or, if it had, the amount of the payment had not been credited to the child trust fund held by the child.'.

---

   

Mr David Laws
Norman Lamb

156

*Clause     20,     page     10,     line     36,     leave out 'of £300' and insert 'not exceeding £3,000'.

   

Mr George Osborne
Mr Peter Atkinson

83

Clause     20,     page     10,     line     37,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

84

Clause     20,     page     10,     line     38,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

85

Clause     20,     page     10,     line     40,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

136

*Clause     20,     page     10,     line     41,     at end insert—

'( )	any person who assigns, or enters any agreement to assign, investments under a child trust fund or who charges on, or enters any agreement to charge, any such investments.'.

   

Mr George Osborne
Mr Peter Atkinson

86

Clause     20,     page     11,     line     3,     after '10', insert ', [additional contributions by Inland Revenue for children in care]'.

   

Mr George Osborne
Mr Peter Atkinson

87

Clause     20,     page     11,     line     9,     after '10', insert ', or [additional contributions by Inland Revenue for children in care]'.

   

Mr George Osborne
Mr Peter Atkinson

88

Clause     20,     page     11,     line     32,     at end insert '[additional contributions by Inland Revenue for children in care](2)'.

   

Mr George Osborne
Mr Peter Atkinson

89

Clause     20,     page     11,     line     38,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

90

Clause     20,     page     11,     line     42,     leave out 'child trust fund' and insert 'baby bond'.

---

   

Mr George Osborne
Mr Peter Atkinson

91

Clause     22,     page     13,     line     1,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

92

Clause     22,     page     13,     line     3,     after '10', insert ', or [additional contributions by Inland Revenue for children in care]'.

   

Mr George Osborne
Mr Peter Atkinson

93

Clause     22,     page     13,     line     7,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

94

Clause     22,     page     13,     line     7,     after second 'child', insert—

'(bb)

anyone who is a nominated person and has, at any time, made an application under section 6(4A),'.

   

Mr George Osborne
Mr Peter Atkinson

95

Clause     22,     page     13,     line     9,     leave out 'child trust fund' and insert 'baby bond'.

---

   

Mr George Osborne
Mr Peter Atkinson

96

Clause     25,     page     15,     line     5,     leave out 'Child Trust Funds' and insert 'Baby Bonds'.

---

   

Mr David Laws
Norman Lamb

145

*Clause     27,     page     15,     line     12,     after 'section', insert 'section [report on savings effect of child trust funds],'.

   

Mr David Laws
Norman Lamb

146

*Clause     27,     page     15,     line     12,     after 'section', insert 'section [report on savings incentives],'.

   

Mr David Laws
Norman Lamb

160

*Clause     27,     page     15,     line     12,     after 'section', insert 'section [proposals for conversion of child trust funds to tax-advantaged accounts for retirement saving],'.

   

Mr David Laws
Norman Lamb

159

*Clause     27,     page     15,     line     12,     after '31', insert 'and subject to the provisions of section 13'.

   

Mr David Laws
Norman Lamb

147

*Clause     27,     page     15,     line     17,     at end add—

    '(4)   No order may be made under subsection (3) until the report specified in section [report on savings effect of child trust funds] has been laid before Parliament.'.

   

Mr David Laws
Norman Lamb

148

*Clause     27,     page     15,     line     17,     at end add—

    '(4)   No order may be made under subsection (3) until the report specified in section [report on savings incentives] has been laid before Parliament.'.

   

Mr David Laws
Norman Lamb

157

*Clause     27,     page     15,     line     17,     at end add—

    '(4)   This Act does not come into force until the Treasury has laid before each House of Parliament a document setting out proposals for child trust fund accounts to become, on maturity, tax-advantaged accounts for retirement saving.'.

   

Mr David Laws
Norman Lamb

161

*Clause     27,     page     15,     line     17,     at end add—

    '(4)   No order may be made under subsection (3) until the report specified in section [proposals for conversion of child trust funds to tax-advantaged accounts for retirement saving] has been laid before Parliament.'.

---

   

Mr George Osborne
Mr Peter Atkinson

97

Clause     28,     page     15,     leave out line 20 and insert 'Secretary of State'.

---

   

Mr George Osborne
Mr Peter Atkinson

98

Clause     29,     page     16,     line     8,     at end insert—

'"baby bond" has the meaning given by section 1(2),'.

   

Mr George Osborne
Mr Peter Atkinson

99

Clause     29,     page     16,     leave out line 10.

---

   

Mr George Osborne
Mr Peter Atkinson

137

*Clause     30,     page     15,     line     15,     after 'Act', insert 'except section [reduction of age of majority in respect of child trust funds]'.

   

Mr George Osborne
Mr Peter Atkinson

138

*Clause     30,     page     15,     line     16,     at end add—

    '(2)   Section [reduction of age of majority in respect of child trust funds] extends to Northern Ireland, but does not extend to Scotland.'.

---

   

Mr George Osborne
Mr Peter Atkinson

100

Clause     31,     page     16,     line     18,     leave out 'Child Trust Funds' and insert 'Baby Bonds'.

---

NEW CLAUSES

Funds for children other than eligible children

   

Mr George Osborne
Mr Peter Atkinson

NC1

To move the following Clause:—

    '(1)   The provisions of this section apply to a child if the child was born after 31st August 1992 and before 1st September 2002 and either—

(a)	a person is entitled to child benefit in respect of the child, or

(b)	entitlement to child benefit in respect of the child is excluded by the provisions specified in subsection (2)(a) or (b) (children in care of authority),

       but subject as follows.

    (2)   The provisions referred to in subsection (1)(b) are—

(a)	paragraph 1(c) of Schedule 9 to the Social Security Contributions and Benefits Act 1992 (c. 4) and regulations made under it, and

(b)	paragraph 1(1)(f) of Schedule 9 to the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7) and regulations made under it.

    (3)   The provisions of section 2(3) to (6) shall apply to eligibility under this section as they apply to eligibility under that section.

    (4)   Regulations may amend subsection (1) by substituting for the reference to 1st September 2002 a reference to an earlier date.'.

---

Additional contributions by Inland Revenue for children in care

   

Mr George Osborne
Mr Peter Atkinson

NC2

To move the following Clause:—

    '(1)   If this section applies to a child the Inland Revenue must inform the account provider with whom a child trust fund is held by the child that this section applies to the child.

    (2)   If the account provider makes a claim to the Inland Revenue in accordance with regulations, the Inland Revenue must pay to the account provider such amount as is prescribed by regulations.

    (3)   The amount prescribed by regulations under subsection (2) shall be expressed as a percentage of the current rate of child benefit.

    (4)   On receipt of the payment the account provider must credit the child trust fund with the amount of the payment.

    (5)   This section applies to a child if—

(a)	a child trust fund is held by the child, and

(b)	the child was first an eligible child by virtue of section 2(1)(b).'.

---

---

Prepared 2 Jan 2004