0141 332 0392

Paxton House, No 11 Woodside Crescent, Glasgow, G3 7UL

Search Archive


Child Trust Fund court fees waived

Source: HM Revenue & Customs | | 04/01/2021

Children born after 31 August 2002 and before 3 January 2011 were entitled to a Child Trust Fund (CTF) account provided they met the necessary conditions. These funds were long term saving accounts for newly born children. The first of these children who qualified began turning 18 years of age from 1 September 2020.

For most young adults, the process is straightforward. However, if a young person lacks mental capacity and as a result cannot handle their finances, a parent or guardian must apply to the Court of Protection to allow them to manage these funds. This ensure that vital safeguards for vulnerable young people remain in place.

A new fee remission, to waive court fees, can be granted to parents or guardians of children who lack mental capacity when seeking access to a Child Trust Fund. The issue mainly arises when an application to the Court of Protection is made after the account holder’s 18th birthday. The Ministry of Justice (MOJ) is therefore strongly encouraging families to make an application before the dependant’s 18th birthday. The MOJ and HM Treasury are working with CTF providers to ensure parents are aware of this and will also work to issue refunds to those who have already paid court fees.

Around 6.3 million CTF accounts have been set up since the scheme was launched in 2002, roughly 4.5 million by parents or guardians and a further 1.8 million set up by HMRC where parents or guardians did not open an account.

 

Latest News

 

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

Copyright © McAllisters 2013 – 2021

 Cookie Policy   Privacy Policy   Terms Of Use   Standard Terms of Business