Dai Havard

Labour Party | Merthyr Tydfil & Rhymney

 ‘Investments for all our Children’

This week is Child Trust Fund week. Find out how children born after 1st September 2002 are entitled to money to invest and there is advice for savings that can help families as well.

The Chancellor, Gordon Brown, who now has two small children of his own, knows the benefit of children having savings of their own. Gordon has consistently increased Child Benefit and set up Child Tax Credits to benefit thousands of children and working families. He introduced Child Trust Funds in addition to all that in 2003. Every new born child gets a £250 voucher to invest and children in lower income families (less than £14,155 a year for 2006/7) get another £250. All children will get another £250 at the age of seven.

These special, Tax Free, Child Trust Fund vouchers must be invested or put into savings accounts and can be added to by the family; up to £1,200 a year. Birthdays and Christmas can be great opportunities to do this.

I am concerned that there are families who are not making the best use of this money and may be confused between Child Benefit, Child Tax Credit and Child Trust Fund. My office can arrange for you get the information you need and The Citizens Advice Bureaux and the Library Service will also help with this information. There is lots of information on the dedicated Child Trust Fund Web Site: www.childtrustfund.gov.uk and on the Child Trust Fund helpline 0845 302 1470.

This week is your chance to make sure that the children in your family are making the most of these opportunities. I hope you will ensure these vouchers are used well. To help give our children the chance to gain what more privileged children have always had; savings and a head start which they can use at eighteen when they are at a major stage in their lives.