Allow transfer of Child Trust Fund (CTF) to Junior ISA
Responsible department: Her Majesty's Treasury
6.3 million children's cash is locked up in child trust funds (CTF), which were scrapped in 2011. CTF were obviously a flawed idea as they lasted less than 10 years.
The government has since set-up Junior ISAs which, due to the competition, are better paying. Compared to a handful of funds for CTF there are approximately 1,800 funds from 80 fund management companies for Junior ISAs.
Junior ISAs typically pay a higher rate of interest and have lower charges.
Furthermore, at age 18 the tax breaks on CTF are lost because all the money has to be cashed in, a Junior ISA allows the money to be moved to an Adult ISA.
I would like the government to allow parents with CTF to move their childrens important life investment into the better Junior ISAs.
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