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

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Mr Oliver Letwin
Mr Howard Flight
Mr George Osborne
Mr Peter Atkinson

6

Page     3,     line     8     [Clause 3],     leave out '18, or in Scotland,'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr George Osborne
Mr Peter Atkinson

7

Page     3,     line     9     [Clause 3],     leave out ', in Scotland,'.

   

Mr Chancellor of the Exchequer

35

*Page     3,     line     14     [Clause     3],     at end insert—

    '( )   Where a contract is entered into by or on behalf of a child who is 16 or over in connection with a child trust fund—

      (a) held by the child, or

      (b) held by another child in relation to whom the child has parental responsibility,

    the contract has effect as if the child had been 18 or over when it was entered into.'.

   

Mr David Laws
Norman Lamb

58

*Page     3,     line     17     [Clause     4],     at end insert 'except under provisions made by regulations to allow for the assignment of the child trust fund investments of terminally ill children.'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr George Osborne
Mr Peter Atkinson

8

Page     3,     line     29     [Clause 5],     at end insert 'and was born after 31st August 2002'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr George Osborne
Mr Peter Atkinson

9

Page     3,     line     33     [Clause 5],     leave out from 'or' to 'to' in line 34 and insert 'where subsection (2A) applies'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr George Osborne
Mr Peter Atkinson

10

Page     3,     line     34     [Clause 5],     at end insert—

    '(2A)   This subsection applies in the case of a child—

      (a) who is such an eligible child because of section 2(3), or

      (b) in respect of whom a person has informed the Inland Revenue that he is the responsible person in accordance with the provisions of section [designation of responsible person by young parents](3).'.

   

Mr Chancellor of the Exchequer

36

*Page     3,     line     35     [Clause     5],     leave out from 'may' to end of line.

   

Mr Chancellor of the Exchequer

37

*Page     3,     line     37     [Clause     5],     leave out second 'the' and insert 'an'.

   

Mr Chancellor of the Exchequer

38

*Page     3,     line     39     [Clause     5],     at end insert—

    '( )   The application is to be made in accordance with regulations.'.

   

Mr Chancellor of the Exchequer

39

*Page     3,     line     40     [Clause     5],     leave out 'On receipt of the voucher' and insert 'When the application has been made'.

   

Mr Chancellor of the Exchequer

40

*Page     3,     line     43     [Clause     5],     at end insert—

    '( )   If the child is 16 or over, the references in subsections (2) and (3) to a responsible person are to the child.'.


   

Mr Chancellor of the Exchequer

41

*Page     4,     line     3     [Clause     6],     leave out from 'selected' to end of line 5 and insert 'in accordance with regulations a child trust fund of a description so selected.

    ( )   The application is to be made in accordance with regulations.'.

   

Mr David Laws
Norman Lamb

59

*Page     4,     line     5     [Clause     6],     at end insert—

    '(1A)   An account may only be selected in accordance with subsection (1) if it is an account of a description which has been designated by the Financial Services Authority in a manner prescribed by regulations as a low risk account.'.

   

Mr Chancellor of the Exchequer

42

*Page     4,     line     17     [Clause     6],     at beginning insert 'the child is under 16 and'.

   

Mr Chancellor of the Exchequer

43

*Page     4,     line     20     [Clause     6],     leave out 'by the Inland Revenue' and insert 'in accordance with regulations'.

   

Mr David Laws
Norman Lamb

60

*Page     4,     line     20     [Clause     6],     at end insert—

    '(6)   Regulations shall designate a person to act generally in the stead of a responsible person in the management and oversight of provider risk and investment risk for child trust funds opened by the Inland Revenue under this section.'.

   

Mr David Laws
Norman Lamb

78

*Page     4,     line     27     [Clause     7],     at end insert—

    '(2)   No charge may be levied in respect of a transfer undertaken in accordance with the provisions of regulations under this section.'.

   

Mr David Laws
Norman Lamb

62

*Page     4,     line     31     [Clause     8],     after 'regulations', insert 'under subsection (1A) or determined in accordance with the provisions of sections [uprating of Inland Revenue contributions in line with inflation] or [determination of initial contributions for children born before 1st April 2005]'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr George Osborne
Mr Peter Atkinson

11

Page     4,     line     34     [Clause 8],     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 on or before 31st August 2002.'.

   

Mr David Laws
Norman Lamb

63

*Page     4,     line     34     [Clause     8],     at end insert—

    '(1A)   Regulations under this subsection shall prescribe the amount of the initial contribution in respect of children born during the period beginning with 1st April 2005 and ending with 31st March 2006 ("the original contribution").'.

   

Mr David Laws
Norman Lamb

69

*Page     4,     line     34     [Clause     8],     at end insert—

    '(1A)   The amount prescribed under subsection (1) in respect of children to whom section [additional contributions by Inland Revenue for children in care (No. 2)] applies at the time the initial contribution falls to be made shall be four times the amount prescribed in respect of other children.'.


   

Mr David Laws
Norman Lamb

64

*Page     5     [Clause     9],     leave out line 3 and insert 'determined in accordance with subsection (2A) or with the provisions of section [uprating of Inland Revenue contributions in line with inflation]'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr George Osborne
Mr Peter Atkinson

12

Page     5,     line     3     [Clause 9],     at end insert—

    '(2A)   Regulations under subsection (2) may prescribe a supplementary contribution of nil or a lower rate of supplementary contribution in respect of any child trust fund held by a child born on or before 31st August 2002.'.

   

Mr David Laws
Norman Lamb

65

*Page     5,     line     3     [Clause     9],     at end insert—

    '(2A)   the original contribution payable under subsection (2) shall be twice the amount prescribed by regulations under section 8(1A) or determined in accordance with the provisions of section [determination of initial contributions for children born before 1st April 2005].'.

   

Mr Chancellor of the Exchequer

44

*Page     5,     line     29     [Clause     9],     leave out 'fell before the appointed day' and insert 'is earlier than 6th April 2005'.

   

Mr Chancellor of the Exchequer

45

*Page     5,     line     41     [Clause     9],     leave out 'fell before' and insert 'is earlier than'.


   

Mr Chancellor of the Exchequer

46

*Page     6,     line     7     [Clause     9],     at end insert 'or an international agreement'.

   

Mr Chancellor of the Exchequer

47

*Page     6,     line     7     [Clause     9],     at end insert 'or, in the case of a child to whom section 2(3) applies or section 2(5) has applied, such day as is prescribed by regulations.'.

   

Mr David Laws
Norman Lamb

66

*Page     6,     line     9     [Clause     10],     leave out from 'Revenue' to first 'of' in line 10.

   

Mr David Laws
Norman Lamb

67

*Page     6,     line     14     [Clause     10],     leave out from 'by' to end of line and insert 'regulations under subsection (2) or determined in accordance with the provisions of section [uprating of Inland Revenue contributions in line with inflation]'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr George Osborne
Mr Peter Atkinson

13

Page     6,     line     14     [Clause 10],     at end insert—

    '(1A)   Regulations under subsection (1) may prescribe a further contribution of nil in respect of any child trust fund held by a child born on or before 31st August 2002.'.

   

Mr David Laws
Norman Lamb

68

*Page     6,     line     15     [Clause     10],     leave out subsection (2) and insert—

    '(2)   Regulations under this subsection shall prescribe the initial amounts of contributions payable under subsection (1), which shall be expressed as amounts payable to children reaching a specified age during any period beginning with 1st April and ending with 31st March of the following calendar year ""the original contributions").'.

 
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