Child Trust Funds

Public Accounts Committee Closed Inquiry
Opened: 29 Mar 2023 Closed: 24 Sep 2023 Parliament page
A Child Trust Fund (CTF) is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011, which they can access when they turn 18. The government paid more than £2 billion into CTFs for 6.3 million children born during this period. Most children received … Read more
2 Recommendations
24 Conclusions
1 Report
1 Oral session
1 Letter
1 Event
Activity timeline 5 events
24 Sep
2023
Report published
26 Jul
2023
Report published
19 Jun
2023
Correspondence
18 May
2023
Oral evidence
18 May
2023
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Oral evidence sessions 1 session
18 May 2023
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Child Trust Funds
Anthony Walker · The Share Foundation Emily Antcliffe · HMRC Gavin Oldham · The Share Foundation Jim Harra CB · HM Revenue and Customs
Title HC No. Published Items Response
Sixty-Seventh Report - Child Trust Funds HC 1231 26 Jul 2023 26 Responded
Recommendations & Conclusions
1 result
Clear
5 Conclusion Acknowledged
Sixty-Seventh Report - Child Trust…
HMRC does not collect the data from providers needed to plan timely action to improve...
HMRC does not collect the data from providers needed to plan timely action to improve young people’s engagement with their accounts and assess whether its actions are working. HMRC’s understanding of Child Trust Fund accounts that have matured but are … Read more
Government Response
The government agreed, stating the recommendation is implemented. HMRC has reviewed its awareness and tracing strategy, is confident in its current approach, and will continue to explore new routes and monitor unclaimed accounts to determine when further intervention is appropriate.
HM Treasury
View details
Government Response AI assessment · 26 of 2 classified
Accepted 18
Acknowledged 1
Deferred 3
Rejected 4
Total 2 recs + 24 conclusions
Correspondence 1 letter
19 Jun 2023 Correspondence from Jim Harra, Chief Executive and First Permanent Secretary, HM Revenue and Customs, re Following the hearing on Child Trust Funds on 18 May 2023, dated 7 June 2023
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