S.C.A.
Amendment Paper as at
Tuesday 6th January 2004
STANDING COMMITTEE A
New Amendments handed in are marked thus *
CHILD TRUST FUNDS BILL
RESOLUTION OF THE PROGRAMMING SUB-COMMITTEE
The Programming Sub-Committee appointed by the Speaker in respect of the Bill agreed the following Resolution at its meeting on Monday 5th January (Sessional Order C relating to Programming):
That—
(1) during proceedings on the Child Trust Funds Bill the Standing Committee (in addition to its first meeting on Tuesday 6th January at 9.30 a.m.) shall meet—
| (a) | at 2.30 p.m. on Tuesday 6th January, and |
| (b) | at 9.30 a.m. and 2.30 p.m. on Tuesday 13th January, Thursday 15th January and Tuesday 20th January; |
(2) proceedings on the Bill shall (so far as not previously concluded) be brought to a conclusion at 5.00 p.m. on Tuesday 20th January.
Ruth Kelly has given notice of her intention to move a motion in the terms of the Resolution of the Programming Sub-Committee [Sessional Order C(9) relating to Programming.].
Mr George Osborne
Mr Peter Atkinson
1
Clause 1, page 1, line 3, leave out 'child trust funds' and insert 'baby bonds'.
Mr George Osborne
Mr Peter Atkinson
2
Clause 1, page 1, line 4, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne
Mr Peter Atkinson
3
Clause 1, page 1, line 5, at end insert 'or by a child to whom section [funds for children other than eligible children] applies'.
Mr George Osborne
Mr Peter Atkinson
4
Clause 1, page 1, line 9, leave out from 'the' to end of line 10 and add 'general supervision and direction of the Secretary of State.
(4) In performing its functions under this Act, the Inland Revenue shall have due regard to any directions from the Secretary of State.'.
Mr David Laws
Norman Lamb
139
Clause 1, page 1, line 10, at end add 'and the Department for Work and Pensions'.
Mr David Laws
Norman Lamb
140
Clause 1, page 1, line 10, at end add—
'(4) This Act (other than this section) shall not come into force until the Treasury has laid before each House of Parliament a report setting out the Treasury's estimate of the net increase in saving which will result from the provisions of this Act.'.
Mr David Laws
Norman Lamb
141
Clause 1, page 1, line 10, at end add—
'(4) This Act (other than this section) shall not come into force until the Treasury and the Department for Work and Pensions have laid before each House of Parliament a joint report on the Government's policies to improve savings incentives from birth to retirement.'.
Mr George Osborne
Mr Peter Atkinson
5
Clause 2, page 1, line 13, leave out '2002' and insert '1992'.
Mr David Laws
Norman Lamb
142
Clause 2, page 1, line 13, leave out '2002' and insert '2010'.
Mr George Osborne
Mr Peter Atkinson
103
Clause 2, page 1, line 14, leave out 'entitled to' and insert 'eligible for'.
Mr George Osborne
Mr Peter Atkinson
6
Clause 2, page 2, line 4, leave out subsections (3) and (4).
Mr George Osborne
Mr Peter Atkinson
7
Clause 2, page 2, line 10, leave out subsection (5).
Mr Michael Weir
163
Clause 2, page 2, line 18, at end insert—
'(5A) A child is also an "eligible child" if he is—
| (i) | a child for whom a parent gains entitlement to child benefit in respect of the child at any time before the child's eighteenth birthday; or |
| (ii) | a child whose parents were not previously entitled to claim child benefit, who is subsequently taken into the care of a local authority.'. |
Mr George Osborne
Mr Peter Atkinson
Mr David Laws
Norman Lamb
104
Clause 2, page 2, line 26, leave out subsection (7).
Mr George Osborne
Mr Peter Atkinson
8
Clause 3, page 2, line 29, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne
Mr Peter Atkinson
9
Clause 3, page 2, line 31, at end insert—
'(1A) Regulations under subsection (1) may not impose a requirement that the charge levied by the account provider must be set at less than 1.5 per cent. of the total value of the relevant funds under management by the account provider, divided by the number of child trust funds held with the account provider.'.
Mr George Osborne
Mr Peter Atkinson
10
Clause 3, page 2, line 32, leave out 'child trust fund' and insert 'baby bond'.
Mr David Laws
Norman Lamb
143
Clause 3, page 2, line 33, at end insert 'and it meets risk and transparency criteria set down by the Financial Services Authority'.
Mr Michael Weir
162
Clause 3, page 2, line 33, at end insert—
'(2A) Prescribed accounts will include—
| (b) | building society accounts, |
| (c) | equity-linked investments.'. |
Mr George Osborne
Mr Peter Atkinson
Mr David Laws
Norman Lamb
105
Clause 3, page 2, line 34, leave out subsection (3).
Mr George Osborne
Mr Peter Atkinson
11
Clause 3, page 2, line 39, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne
Mr Peter Atkinson
106
Clause 3, page 2, line 44, leave out 'except as permitted' and insert 'other than by the child that is beneficially entitled to the investments under it or by a responsible person in circumstances specified'.
Mr David Laws
Norman Lamb
144
Clause 3, page 2, line 44, leave out 'as' and insert 'from the accounts of children of 16 years or over where the child who holds the account wishes to withdraw an amount from the account and where permission has been secured from a responsible person and as otherwise'.
Mr George Osborne
Mr Peter Atkinson
107
Clause 3, page 2, line 44, leave out 'and'.
Mr George Osborne
Mr Peter Atkinson
108
Clause 3, page 2, line 46, at end insert 'and
| (f) | provide that a responsible person may, at the time of opening an account, inform the account provider that he is a responsible person in Scotland.'. |
Mr George Osborne
Mr Peter Atkinson
Mr David Laws
Norman Lamb
109
Clause 3, page 3, line 1, leave out subsection (5).
Mr George Osborne
Mr Peter Atkinson
12
Clause 3, page 3, line 2, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne
Mr Peter Atkinson
Mr David Laws
Norman Lamb
110
Clause 3, page 3, line 8, leave out '18 or, in Scotland,'.
Mr George Osborne
Mr Peter Atkinson
Mr David Laws
Norman Lamb
111
Clause 3, page 3, line 9, leave out ', in Scotland,'.
Mr George Osborne
Mr Peter Atkinson
13
Clause 4, page 3, line 16, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne
Mr Peter Atkinson
112
Clause 4, page 3, line 18, leave out subsection (2).
Mr George Osborne
Mr Peter Atkinson
14
Clause 4, page 3, line 18, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne
Mr Peter Atkinson
113
Clause 4, page 3, line 25, leave out subsection (5).
Mr George Osborne
Mr Peter Atkinson
15
Clause 5, page 3, line 35, leave out from 'may' to 'apply' in line 37.
Mr George Osborne
Mr Peter Atkinson
114
Clause 5, page 3, line 36, leave out from 'within' to 'apply' in line 37 and insert 'one year beginning with the day on which the voucher is issued'.
Mr George Osborne
Mr Peter Atkinson
16
Clause 5, page 3, line 38, leave out 'child trust fund' and insert 'baby bond'.
Mr George Osborne
Mr Peter Atkinson
17
Clause 5, page 3, line 39, at end insert 'in accordance with the provisions of subsections (3A) and (3B).
'(3A) An application for the opening of a child trust fund may take the form of the responsible person—
| (a) | giving the voucher to an account provider, or |
| (b) | otherwise informing the account provider that he is a responsible person who has been issued with a voucher. |
(3B) Regulations may prescribe—
| (a) | the period beginning with the day on which the voucher is issued within which an application may be made, and |
| (b) | the means by which information given in accordance with subsection (3A) must be provided and authenticated.'. |
