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

   

Mr George Osborne
Mr Peter Atkinson

18

Clause     5,     page     3,     line     40,     leave out 'receipt of the voucher' and insert 'provision of the application'.

   

Mr George Osborne
Mr Peter Atkinson

115

Clause     5,     page     3,     line     40,     leave out 'must' and insert 'may'.

   

Mr George Osborne
Mr Peter Atkinson

19

Clause     5,     page     3,     line     41,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

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
Mr Peter Atkinson

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—

(a)	open, in accordance with regulations, a child trust fund of that description for the child, and

(b)	inform the Inland Revenue in accordance with regulations.'.

---

   

Mr George Osborne
Mr Peter Atkinson

21

Clause     6,     page     4,     line     2,     leave out 'this section' and insert 'subsection (3)'.

   

Mr George Osborne
Mr Peter Atkinson

117

Clause     6,     page     4,     line     3,     after 'selected', insert 'at random'.

   

Mr George Osborne
Mr Peter Atkinson

22

Clause     6,     page     4,     line     4,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

23

Clause     6,     page     4,     line     7,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

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
Mr Peter Atkinson

24

Clause     6,     page     4,     line     10,     leave out 'section' and insert 'subsection'.

   

Mr George Osborne
Mr Peter Atkinson

25

Clause     6,     page     4,     line     15,     leave out '5(3)' and insert '5(3B)(a)'.

   

Mr George Osborne
Mr Peter Atkinson

26

Clause     6,     page     4,     line     15,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

119

Clause     6,     page     4,     line     16,     leave out from 'child' to end of line 18.

   

Mr George Osborne
Mr Peter Atkinson

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—

(a)	open, in accordance with regulations, a child trust fund of that description for the child, and

(b)	inform the Inland Revenue in accordance with regulations.'.

   

Mr George Osborne
Mr Peter Atkinson
Mr David Laws
Norman Lams

120

Clause     6,     page     4,     line     19,     leave out subsection (5).

   

Mr George Osborne
Mr Peter Atkinson

28

Clause     6,     page     4,     line     20,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

29

Clause     6,     page     4,     line     20,     after 'Revenue', insert 'or by a nominated person'.

   

Mr David Laws
Norman Lamb

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
Mr Peter Atkinson

30

Clause     6,     page     4,     line     20,     at end add—

    '(6)   In this section "nominated person" means a person who—

(a)	has informed the authority in whose care a child to whom section [funds for children other than eligible children](1)(b) applies of his intention to subscribe to a child trust fund in respect of the child,

(b)	is not under the age of 18 or, in Scotland, 16, and

(c)	has satisfied the authority in question that he is a fit and proper person to subscribe to such a fund.

    (7)   In determining whether a person is a fit and proper person for the purposes of subsection (6)(c), the authority shall have particular regard to any family relationship between the person and the child in question.'.

---

   

Mr George Osborne
Mr Peter Atkinson

31

Clause     7,     page     4,     line     23,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

32

Clause     7,     page     4,     line     26,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr David Laws
Norman Lamb

150

Clause     7,     page     4,     line     27,     at end add—

'(c)	a child trust fund opened by the Inland Revenue may be transferred from one account provider to another, or moved from a stakeholder child trust fund account to one of the other account descriptions as prescribed by regulations.'.

   

Mr David Laws
Norman Lamb

171

*Clause     7,     page     4,     line     27,     at end add—

'(c)	additional charges can be imposed by providers for transfers allowable under this section, including the maximum amount of such additional charges.'.

   

Mr George Osborne
Mr Peter Atkinson

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
Mr Peter Atkinson

122

Clause     8,     page     4,     line     30,     leave out 'such amount' and insert 'an amount no less than £250'.

   

Mr George Osborne
Mr Peter Atkinson

33

Clause     8,     page     4,     line     32,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

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 David Laws
Norman Lamb

165

*Clause     8,     page     4,     line     34,     at end insert—

    '(1A)   The amount of the initial contribution prescribed by regulations under subsection (1) shall be—

(a)	no lower than £250 for babies born on or after 1st April 2005,

(b)	no less than 107 per cent. of the amount determined for the purposes of paragraph (a) for babies born between 1st April 2004 and 31st March 2005,

(c)	no less than 114 per cent. of the amount determined for the purposes of paragraph (a) for babies born between 1st April 2003 and 31st March 2004, and

(d)	no less than 121 per cent. of the amount determined for the purposes of paragraph (a) for babies born between 1st September 2002 and 31st March 2003.'.

   

Mr George Osborne
Mr Peter Atkinson

35

Clause     8,     page     4,     line     35,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr David Laws
Norman Lamb

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
Mr Peter Atkinson

36

Clause     9,     page     4,     line     39,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

123

Clause     9,     page     5,     line     2,     leave out 'such amount' and insert 'an amount no less than £250'.

   

Mr George Osborne
Mr Peter Atkinson

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
Mr Peter Atkinson

38

Clause     9,     page     5,     line     4,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

39

Clause     9,     page     5,     line     7,     leave out 'child trust fund' and insert 'baby bond'.

Prepared 6 Jan 2004