Can family and friends contribute to the CTF account?
Yes – any friend or family member can contribute to your child’s account. Up to £1,200 every birthday year may be added in total – and all growth in the account will be tax-free. What’s more, a Child Trust Fund could be a great way to promote a lifetime savings habit in your child. When they’re old enough, they can even add to their own account from money they’re given as gifts, or that they might earn in part-time work.
Yes – any friend or family member can contribute to your child’s account. Currently up to £1,200 every birthday year may be added in total – and all growth in the account will be tax-free. From 1 November 2011, so that contribution limits into CTFs and Junior ISAs are the same, this will be increased to £3,600. From April 2013, this amount will be updated each year in line with the Consumer Prices Index (CPI) and will continue to be aligned with the Junior ISA limit. What’s more, a Child Trust Fund could be a great way to promote a lifetime savings habit in your child. When they’re old enough, they can even add to their own account from money they’re given as gifts, or that they might earn in part-time work.
