Child Trust Funds
Child Trust Funds, introduced by the last Labour government as a tax-free savings vehicle for children, were abolished by the coalition government. However, children – including those in care - born after 1 September 2002 and before 1 January 2011 were entitled to a Child Trust Fund.
The majority of looked after children will have someone with parental responsibility who can manage their Child Trust Fund (CTF) account for them, even if they are not currently living with that person.
There may be some children, however, for whom there is no one appropriate with parental responsibility who can manage their CTF account, e.g. orphans with no legal guardian.
The Official Solicitor (for England, Wales or Northern Ireland) or the Accountant of Court (for Scotland) will manage the CTF accounts of those children, either until someone with parental responsibility becomes available or until the child reaches the age of 16 when the child takes over the management of their own CTF account.
The Share Foundation has contributed over £300,000 to nearly 10% of CTFs managed by the Official Solicitor.
