A little over half of the Child Trust Fund (CTF) vouchers issued by the Inland Revenue since January last year have actually been converted into actual accounts, the latest figures from the Building Societies Association (BSA) reveal.
Parents in receipt of a CTF vouchers have 12 months to use it to open an account before the Inland Revenue opens an account on behalf of their child and the voucher becomes useless. Despite this the latest figures show just 1,164,000 of the 2,135,000 vouchers issued by HM Revenue & Customs have been used to open a CTF account. However, the number of CTF accounts open in January was 39,000, with 74% of parents opting for the cash CTF option where they were offered a choice between a cash or stakeholder account. Net receipts into cash CTFs in December stood at £9.3m, the BSA says. To date, ...
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