TISA welcomes reform of CTF voucher requirement
TISA welcomes reform of CTF voucher requirement
The Government’s announcement that the physical voucher is no longer required for opening a CTF account (from April 2009) is welcome news. This will reduce the administrative burden on providers, allowing them to choose whether they require the physical voucher or simply the Unique Reference Number (URN).
This is part of the ongoing work that TISA is undertaking with providers and HMRC to streamline the CTF account opening process. This new flexibility accommodates parents’ and providers’ varying preferences for opening accounts. While some prefer to use physical vouchers, others make use of internet and telecommunications technology such as internet and phone.
TISA believes that this flexibility will lead to more parents actively engaging with their children’s CTF accounts—a desirable result for all.
TISA Director General Tony Vine-Lott said,
‘We support these changes and the added flexibility they give to providers and parents. We look forward to working with HMRC and HM Treasury about how to maximise the benefits accruing from the Government’s transformative CTF programme.’
NOTES TO EDITORS: TISA is the leading trade body for CTFs and tax incentivised savings. It has worked with the Government to develop and implement the CTF. This is the second quarterly CTF survey it has conducted. TISA wants to remind parents and their families that every eligible child could benefit from tax free saving of £1200 per year to build into a nest egg for them when they reach 18 years of age. If parents have questions or concerns, they should call or contact their CTF provider or contact the Government’s information helpline on 0845 302 1470 or by visiting www.childtrustfund.gov.uk.
For more information on TISA’s work on CTFs, please visit www.tisa.uk.com or email enquiries@tisa.uk.com
For more information, please contact: Jacob Coy, Cicero Consulting +44 7900 392 531 or jacob.coy@cicero-europe.com
Tony Vine-Lott, Director General of TISA +44 1372 374 728 or 0790 006 108 or tony.vinelott@tisa.uk.com