S.C.A.
Amendment Paper as at
Tuesday 13th January 2004
STANDING COMMITTEE A
New Amendments handed in are marked thus *
CHILD TRUST FUNDS BILL
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
192
Clause 5, page 3, line 36, leave out from 'within' to 'apply' in line 37 and insert 'a period of six months 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.'. |
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 Andrew Robathan
177
Clause 8, page 4, line 30, after 'is', insert 'determined in accordance with the provisions of section [determination of Inland Revenue contributions] and'.
Mr George Osborne
Mr Peter Atkinson
33
Clause 8, page 4, line 32, leave out 'child trust fund' and insert 'baby bond'.