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

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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 Andrew Robathan

178

Clause     9,     page     5,     line     2,     at end insert 'determined in accordance with the provisions of section [determination of Inland Revenue contributions] and'.

   

Mr George Osborne
Mr Peter Atkinson

179

Clause     9,     page     5,     line     3,     at end insert—

    '(2A)   Regulations under subsection (2) may prescribe a supplementary contribution of nil.'.

   

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'.

   

Mr George Osborne
Mr Peter Atkinson

173

Clause     9,     page     5,     line     9,     after '(5)', insert 'or the condition in subsection (9)'.

   

Mr George Osborne
Mr Peter Atkinson

174

Clause     9,     page     5,     line     10,     leave out first 'That' and insert 'The condition in this subsection'.

   

Mr George Osborne
Mr Peter Atkinson

175

Clause     9,     page     5,     line     10,     after second 'that', insert 'the child benefit commencement date fell on or after 6th April 2003 and'.

   

Mr George Osborne
Mr Peter Atkinson

124

Clause     9,     page     5,     line     12,     leave out 'entitled to' and insert 'eligible for'.

   

Mr George Osborne
Mr Peter Atkinson

125

Clause     9,     page     5,     line     13,     leave out from 'date' to end of line 17.

   

Mr George Osborne
Mr Peter Atkinson

176

Clause     9,     page     5,     line     41,     leave out subsection (9) and insert—

    '(9)   The condition in this subsection is that—

      (a) the child benefit commencement date fell before 6th April 2003,

      (b) a person was, or persons were, entitled to a benefit specified in subsection (9A) in respect of the child on any date in the tax year beginning with 6th April 2002, and

      (c) that either the specified income of the person or persons for that tax year did not exceed the specified income threshold or the person, or either of the persons, was entitled to a specified social security benefit for that date.

    (9A)   Those benefits are—

      (a) income support,

      (b) income-based jobseeker's allowance,

      (c) children's tax credit,

      (d) working families' tax credit, and

      (e) disabled person's tax credit.

    (9B)   In subsection (9)(c) "the specified income", "the specified income threshold" and "a specified social security benefit" have the meanings given by regulations.

    (9C)   In making regulations under subsection (9B) the Treasury shall, as far as practicable, secure that the terms in that subsection are interpreted so as to provide that the condition in subsection (9) shall be satisfied in relation to levels of income, income threshold and entitlement similar to those enabling the condition in subsection (5) to be satisfied, taking account of any change in the value of money.'.

   

Mr George Osborne
Mr Peter Atkinson

126

Clause     9,     page     5,     line     47,     leave out '2003' and insert '2002'.

   

Mr David Laws
Norman Lamb

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
Mr Peter Atkinson

40

Clause     10,     page     6,     line     10,     leave out 'child trust funds' and insert 'baby bonds'.

   

Mr George Osborne
Mr Peter Atkinson

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
Mr Peter Atkinson

128

Clause     10,     page     6,     line     16,     leave out from 'attaining' to end of line and insert 'the age of seven'.

   

Mr George Osborne
Mr Peter Atkinson

129

Clause     10,     page     6,     line     16,     leave out from 'attaining' to end of line and insert 'the ages of 5, 11 and 16'.

   

Mr David Laws
Norman Lamb

153

Clause     10,     page     6,     line     16,     leave out from 'attaining' to end of line 18 and insert 'the ages of 7, 11 and 15, or

      (b) one-off payments are to be made to disburse the proceeds from Government asset sales.'.

   

Mr George Osborne
Mr Peter Atkinson

180

Clause     10,     page     6,     line     18,     leave out paragraph (b) and insert—

    '(b)   the children performing voluntary work for charities of a kind specified by regulations.'.

   

Mr George Osborne
Mr Peter Atkinson

41

Clause     10,     page     6,     line     22,     leave out 'child trust funds' and insert 'baby bonds'.

   

Mr David Laws
Norman Lamb

167

Clause     10,     page     6,     line     23,     at end add—

    '(4)   The amounts prescribed by, or determined in accordance with, regulations under subsection (1) shall be fixed at—

      (a) no less than £250 for each contribution in respect of a child to whom section 9 does not apply, and

      (b) in respect of children to whom section 9 applies, no less than 200 per cent. of the amount of any contribution in respect of a child to whom section 9 does not apply.'.

   

Mr David Laws
Norman Lamb

168

Clause     10,     page     6,     line     23,     at end add—

    '(4)   The amounts prescribed by, or determined in accordance with, regulations under subsection (1) shall be announced by the Chancellor of the Exchequer at least 2 years before the date of the first payment of the amount concerned.'.


   

Mr George Osborne
Mr Peter Atkinson

42

Clause     11,     page     6,     line     27,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

130

Clause     11,     page     6,     line     29,     at end insert 'provided that a person is shown to have acted fraudulently or negligently'.

   

Mr George Osborne
Mr Peter Atkinson

43

Clause     11,     page     6,     line     31,     after '10', insert 'or [additional contributions by Inland Revenue for children in care]'.

   

Mr David Laws
Norman Lamb

154

Page     4,     line     24,     leave out Clause 11.


   

Mr George Osborne
Mr Peter Atkinson

131

Clause     12,     page     6,     line     34,     leave out subsection (1).

   

Mr George Osborne
Mr Peter Atkinson

44

Clause     12,     page     6,     line     34,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr David Cameron
Mr George Osborne
Mr Peter Atkinson

45

Clause     12,     page     6,     line     36,     at beginning insert 'Except where subsection (2A) applies,'.

 
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Prepared 13 Jan 2004