Child Trust Funds Act 2004

Child Trust Funds Act 2004[a]
Act of Parliament
coat of arms
Parliament of the United Kingdom
Long titleAn Act to make provision about child trust funds and for connected purposes.
Citation2004 c. 6
Territorial extent 
[b]
Dates
Royal assent13 May 2004
Commencement
  • 13 May 2004 (sections 25–31)
  • various (rest of act)
[c]
Other legislation
Amends
Amended by
Status: Amended
Text of statute as originally enacted
Revised text of statute as amended
Text of the Child Trust Funds Act 2004 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.

The Child Trust Funds Act 2004 (c. 6) is an act of the Parliament of the United Kingdom.

The goal of the legislation was to create a culture of saving among younger people.[1]

Provisions

The act gave all newborns trusts with at least £250 with £500 being given to children in less wealthy families.[2]

Additionally, the act provided for children to receive a cash sum from the government.[3]

The scheme set up by the act was sometimes known as the "baby bond scheme".[4]

Implementation

When the scheme became operational, there were 75 possible options for which bank to choose for the account.[5]

The Child Trust Funds Regulations 2004

The Child Trust Funds Regulations 2004 (SI 2004/1450)[6] were made under this Act.

Those regulations are amended by the following regulations, also made under this Act:

Reception

The Conservatives described the legislation as not being right to be introduced before the 2005 general election.[7]

Notes

  1. ↑ Section 31.
  2. ↑ Section 30.
  3. ↑ Section 27.

References

  1. ↑ "Baby trust fund wins go-ahead". BBC News. 26 November 2003. Retrieved 1 July 2026.
  2. ↑ "Yesterday in parliament". The Guardian. 4 February 2004. Retrieved 29 January 2026.
  3. ↑ "At-a-glance: Queen's Speech bills". BBC News. 26 November 2003. Retrieved 1 July 2026.
  4. ↑ "Yesterday in parliament". The Guardian. 27 February 2004. ISSN 0261-3077. Retrieved 1 July 2026.
  5. ↑ "Yesterday in parliament". The Guardian. 12 December 2006. Retrieved 1 July 2026.
  6. ↑ SI 2004/1450
  7. ↑ "Yesterday in parliament". The Guardian. 27 February 2004. Retrieved 29 January 2026.
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