We support HMRC's move to ensure that maturing CTFs do not lose their tax advantaged status post-maturity. BSA and its members contributed to the response facilitated by industry group, TISA.
Child Trust Funds will begin maturing in September 2020 when the first children reach 18. Without legislative change, the savings in maturing CTFs will lose their tax protection post maturity. We support HMRC's moves to remedy this situation and to allow savings transferred from a matured CTF to be discounted for the annual ISA subscription limit.
The Building Societies Association and its members took part in the industry group discussions on matured CTFs that were facilitated by the trade body, TISA. They contributed to the response prepared by TISA. We therefore do not feel it necessary to submit our own response but wish to underline our support for the industry comments.