| Amendments proposed to the Child Trust Funds Bill - continued | House of Commons |
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Uprating of Inland Revenue contributions in line with inflation
Mr David Laws NC8 *To move the following Clause:—'(1) The amount of Inland Revenue contributions under sections 8 to 10 other than—
Determination of initial contributions for children born before 1st April 2005
Mr David Laws NC9 *To move the following Clause:—'(1) This section applies for the purpose of determining the amount of initial contributions for eligible children born during the period beginning with 1st September 2002 and ending with 31st March 2005. (2) The amount of the initial contribution for eligible children born during the period beginning with 1st September 2004 and ending with 31st March 2005 shall be 107 per cent. of the amount prescribed by regulations under section 8(1A). (3) The amount of the initial contribution for eligible children born during the period beginning with 1st September 2003 and ending with 31st March 2004 shall be 107 per cent. of the amount determined in accordance with the provisions of subsection (2). (4) The amount of the initial contribution for eligible children born during the period beginning with 1st September 2002 and ending with 31st March 2003 shall be 107 per cent. of the amount determined in accordance with the provisions of subsection (3).'.
Additional contributions by Inland Revenue for children in care (No. 2)
Mr David Laws NC10 *To move the following Clause:—'(1) If this section applies to a child the Inland Revenue must inform the account provider with whom a child trust fund is held by the child that this section applies to the child. (2) If the account provider makes a claim to the Inland Revenue in accordance with regulations, the Inland Revenue must pay to the account provider in respect of each year during which this section applies to the child such amount as is determined in accordance with the provisions of subsection (3). (3) That amount shall be twelve times the minimum amount prescribed by regulations for any subscription. (4) On receipt of the payment the account provider must credit the child trust fund with the amount of the payment. (5) This section applies to a child if—
Early withdrawal by young person in full-time employment
Mr David Laws NC11 *To move the following Clause:—'(1) If this section applies to a child, that child may withdraw funds from his account in accordance with the provisions of subsections (4) and (5). (2) This section applies to a child if—
(5) On receipt of the proof of full-time employment prescribed by regulations under subsection (3)(b) and an application, the account provider must—
Report on savings effect of child trust funds
Mr David Laws NC12 *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 readiness of the Inland Revenue
Mr Oliver Letwin NC13 *To move the following Clause:—'(1) The Chancellor of the Exchequer shall lay before each House of Parliament a report on the readiness of the Inland Revenue to carry out its functions under this Act. (2) The report under subsection (1) shall not be laid before each House of Parliament until such time as the Chancellor of the Exchequer is satisfied that vouchers will be distributed in respect of all eligible children born before the date on which the first order is made under section 27 no later than two months after the date of that order.'.
Mr Oliver Letwin 1 Page 1, line 13 [Clause 2], leave out '2002' and insert '1988'.
Mr Chancellor of the Exchequer 31 *Page 2, line 4 [Clause 2], leave out 'by a directly applicable Community provision' and insert 'because of a directly applicable Community provision or an international agreement'.
Mr Chancellor of the Exchequer 32 *Page 2, line 8 [Clause 2], after 'provision' insert 'or an international agreement'.
Mr Oliver Letwin 2 Page 2, line 26 [Clause 2], leave out subsection (7).
Mr David Laws 56 *Page 2, line 31 [Clause 3], at end insert—'(1A) Regulations shall not require account providers to provide equity-based accounts, and shall make provision for cash deposit accounts, including provision for such accounts provided by building societies.'.
Mr Oliver Letwin 82 *Page 2, line 31 [Clause 3], 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 David Laws 57 *Page 2, line 33 [Clause 3], at end insert—'(2A) An account is not a child trust fund account unless it permits subscriptions of amounts of no more than £5. (2B) The minimum amount in subsection (2A) may be increased by regulations if the Treasury is satisfied that the increase is no greater than is required to maintain the value of the amount in real terms.'.
Mr Oliver Letwin 3 Page 2, line 44 [Clause 3], leave out 'as' and insert 'in accordance with the provisions of section [early withdrawal, etc., for disabled children] or as otherwise'.
Mr Oliver Letwin 4 Page 2, line 44 [Clause 3], leave out 'as' and insert 'in accordance with the provisions of section [early withdrawal in case of terminal illness] or as otherwise'.
Mr David Laws 76 *Page 2, line 44 [Clause 3], leave out 'as' and insert 'in accordance with the provisions of section [early withdrawal by young person in full-time employment] or as otherwise'.
Mr Chancellor of the Exchequer 33 *Page 2, line 45 [Clause 3], leave out from 'that' to end of line 46 and insert 'instructions may be given to the account provider with respect to its management only by the person who has the authority to manage it.'.
Mr Chancellor of the Exchequer 34 *Page 3, line 3 [Clause 3], leave out subsection (6) and insert—'(5A) The person who has the authority to manage a child trust fund held by a child—
(6) For the purposes of this Act a person is a responsible person in relation to a child under 16 if the person has parental responsibility in relation to the child and is not—
Mr Oliver Letwin 5 Page 3, line 3 [Clause 3], after second 'person', insert 'so designated in accordance with the provisions of section [designation of responsible person by young parents] or a person'.
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