| Amendments proposed to the Child Trust Funds Bill - continued | House of Commons |
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Mr Oliver Letwin 6 Page 3, line 8 [Clause 3], leave out '18, or in Scotland,'.
Mr Oliver Letwin 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—
Mr David Laws 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 8 Page 3, line 29 [Clause 5], at end insert 'and was born after 31st August 2002'.
Mr Oliver Letwin 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 10 Page 3, line 34 [Clause 5], at end insert—'(2A) This subsection applies in the case of a child—
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 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 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 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 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 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 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 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 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 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 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 66 Page 6, line 9 [Clause 10], leave out from 'Revenue' to first 'of' in line 10.
Mr David Laws 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 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 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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