Amendments proposed to the Child Trust Funds Bill - continued | House of Commons |
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Income disregard for purposes of income-related benefits, etc.
Mr George Osborne NC3 To move the following Clause:'(1) In determining the matters specified in subsection (2), no regard shall be had of income and gains arising on
(2) Those matters are
(3) The following are specified in this subsection
Reduction of age of majority in respect of child trust funds
Mr George Osborne NC4 To move the following Clause:'(1) For the purpose of any contract entered into in respect of a child trust fund, the age of majority shall be 16. (2) The Family Law Reform Act 1969 (c. 46) is amended as follows. (3) After section 1 insert
(1) For the purposes of any matter specified in subsection (2) which relates to a contract entered into in respect of a child trust fund, a person shall attain full age on attaining the age of sixteen. (2) Those matters are-
(4) In this section 'child trust fund' has the meaning given by section 1(2) of the Child Trust Funds Act 2004."
Report on savings effect of child trust funds
Mr David Laws NC5 To move the following Clause:'The Treasury shall lay 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.'.
Report on savings incentives
Mr David Laws NC6 To move the following Clause:'The Treasury and the Department for Work and Pensions shall lay before each House of Parliament a joint report on the Government's policies to improve savings incentives from birth to retirement.'.
Proposals for conversion of child trust funds to tax-advantaged accounts for retirement saving
Mr David Laws NC7 To move the following Clause:'The Treasury shall lay before each House of Parliament a report setting out proposals for child trust fund accounts to become, on maturity, tax-advantaged accounts for retirement saving.'.
Income disregard for purposes of benefits and tax credits
Mr David Laws NC8 To move the following Clause:'The value of a child trust fund will be wholly disregarded with respect to the calculation of entitlement to all benefits and tax credits in respect of
Subscriptions and deprivation of capital
Mr David Laws NC9 To move the following Clause:'Subscriptions to child trust funds shall not be considered to constitute deprivation of capital in respect of entitlement to any benefits, tax credits or pensions credit.'.
Investment information and advice from Inland Revenue
Mr David Laws NC10 To move the following Clause:'(1) The Inland Revenue shall provide summary information on investment options and risks to all those responsible for managing child trust fund accounts. (2) But the Inland Revenue shall not itself offer any advice on which account types or providers should be selected. (3) If the Inland Revenue can be shown to have offered advice which has resulted in investment losses then it shall be legally liable for such losses.'.
Prohibition on advertising in pre-election period
Mr David Laws NC11 To move the following Clause:'(1) The Government shall not advertise the introduction of child trust funds during a pre-election period. (2) In this section, a "pre-election period" means any period that
Determination of Inland Revenue contributions
Mr Andrew Robathan NC12 To move the following Clause:'(1) Any regulations under section 8(1) or 10(1) determining the amount of Inland Revenue contributions shall prescribe amounts intended to secure that, on the basis of the assumptions specified in subsection (2), the total value of an average child trust fund account on the date of maturity is approximately equal to the likely average level of annual student course fees on that date estimated in accordance with the provisions of subsections (3) and (5). (2) Those assumptions are that
"course" does not include any part-time or postgraduate course other than a course of initial teacher training; "the date of maturity" means the date on which the person holding a child trust fund account is first able to withdraw funds from the account; and "student course fees" means fees in respect of, or otherwise in connection with, undertaking a course, including admission, registration, tuition and graduation fess but excluding
Annual report on effect of child trust funds on wealth distribution
Mr George Osborne NC13 To move the following Clause:'The Treasury shall lay before each House of Parliament every year a report setting out the Treasury's assessment of the effects of the provisions of this Act on wealth distribution in society.'.
Permitted withdrawal of amounts from funds relating to those eligible for Disability Living Allowance
Mr David Cameron NC14 To move the following Clause:'In respect of the child trust funds where a person, or persons, are eligible for Disability Living Allowance in respect of the child by whom the fund is held, access to the amounts in the child trust funds shall be allowed before the child reaches the age of 18, but only where the conditions referred to in the Schedule are met.'.
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