The Child Trust Funds (Amendment) (No. 2) Regulations 2024
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Change 1
5 Amendment of regulation 12
In regulation 12 (qualifying investments for an account)— (a) in paragraph (2)— (i) in sub-paragraph (a), before the word “shares” (where it first appears) insert “subject to paragraphs (2B) and (2C),”; (ii) in sub-paragraph (f), before the word “shares” insert “subject to paragraphs (2B) and (2C),”. (iii) after sub-paragraph (q) insert— (qa) subject to paragraphs (2B) and (2C), shares of a UK UCITS, a recognised UCITS or non-UCITS retail scheme that are listed on or admitted to trading on a recognised stock exchange; ; (b) after paragraph (2)(r) insert— (s) an interest in a fraction of a share where the named child holds the beneficial interest in a fraction that is less than one whole share under terms which are contained in a contractual arrangement between the named child and the manager (“fractional interest”). ; (c) After paragraph (2A) insert— (2B) An interest in a fraction of a qualifying investment falling within any of sub-paragraphs (a) to (j) of paragraph (2) is not a qualifying interest for an account unless it is a fractional interest within the meaning of sub-paragraph (s) of that paragraph. (2C) In sub-paragraph (s) of paragraph (2), “shares” means shares which are qualifying investments in accordance with sub-paragraphs (a), (f) or (qa) of that paragraph. .
5 Amendment of regulation 12
In regulation 12 (qualifying investments for an account)— (a) in paragraph (2)— (i) in sub-paragraph (a), before the word “shares” (where it first appears) insert “subject to paragraphs (2B) and (2C),”; (ii) in sub-paragraph (f), before the word “shares” insert “subject to paragraphs (2B) and (2C),”. (iii) after sub-paragraph (q) insert— (qa) subject to paragraphs (2B) and (2C), shares of a UK UCITS, a recognised UCITS or non-UCITS retail scheme that are listed on or admitted to trading on a recognised stock exchange; ; (b) after paragraph (2)(r) insert— (s) an interest in a fraction of a share where the named child holds the beneficial interest in a fraction that is less than one whole share under terms which are contained in a contractual arrangement between the named child and the manager (“fractional interest”). ; (c) After paragraph (2A) insert— (2B) An interest in a fraction of a qualifying investment falling within any of sub-paragraphs (a) to (j) of paragraph (2) is not a qualifying interest for an account unless it is a fractional interest within the meaning of sub-paragraph (s) of that paragraph. (2C) In sub-paragraph (s) of paragraph (2), “shares” means shares which are qualifying investments in accordance with sub-paragraphs (a), (f) or (qa) of that paragraph. .
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