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In force since 2024-11-04, as the publisher states.
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Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
sha256 978274015371f9a7cd27f46351e4de0944569e97558e31c8c9886d55bb637686
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2024 No. 1023 CHILD TRUST FUNDS The Child Trust Funds (Amendment) (No. 2) Regulations 2024 Made 9th October 2024 Laid before Parliament 14th October 2024 Coming into force 4th November 2024 The Treasury make these Regulations in exercise of the powers conferred by sections 3(1) to (5) and 28(2) and (3) of the Child Trust Funds Act 2004.
Propose a changeThese Regulations may be cited as the Child Trust Funds (Amendment) (No. 2) Regulations 2024 and come into force on 4th November 2024.
Propose a changeThe Child Trust Funds Regulations 2004 are amended as follows.
Propose a changeIn regulation 8 (general requirements for accounts), in paragraph (2)— (a) after sub-paragraph (a) insert— (aa) where the account investments are fractional interests— (i) the requirement under sub-paragraph (a) applies in relation to the beneficial ownership of the whole share in which the named child holds a fractional interest, and (ii) the beneficial interest held by the named child shall be in proportion to the fractional interest in the whole share; ; (b) in sub-paragraph (b), after “except” insert “in relation to a fractional interest and”; (c) after sub-paragraph (b) insert— (ba) investments in fractional interests are treated as meeting the requirements of sub-paragraph (b) if (and only if) the title to the whole share in which the named child holds a fractional interest meets the requirements of that sub-paragraph; ; (d) after paragraph (e) insert— (ea) in relation to investments in fractional interests, where the named child holds more than one fractional interest in relation to the same investment, the aggregated value of which amounts to at least one whole share (an “aggregated whole share”)— (i) the obligations under sub-paragraphs (d) and (e) apply to the manager in relation to the named child who holds the aggregated whole share, and (ii) the aggregated whole share is subject to the requirements in sub-paragraphs (b) and (c); .
Propose a changeIn regulation 11 (general investment rules), for paragraph (3) substitute— (3) All other transactions by way of sale or otherwise by an account provider in investments under account, and all transactions by way of trade or otherwise of an investment in fractional interests— (a) shall be made at the price for which those investments might reasonably be expected to be sold or otherwise transacted, as the case may be, in the open market, and (b) in the case of transactions in fractional interests, the price shall be proportionate to the size of the fraction relative to the whole share. .
Propose a changeIn 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. .
Propose a change(1) Paragraph 2(2)(a) of the Schedule (stakeholder accounts) is amended as follows. (2) After paragraph (vii) insert— (viii) fractional interests in shares in an investment trust (shares in an investment trust are specified in regulation 12(2)(f)); (ix) interests in a fraction of a share (as specified in regulation 12(2)(a));. (x) shares specified in regulation 12(2)(qa), unless it is a requirement of the scheme in which the shares are held that the purchase and sale price of the shares shall, at any given time, not differ from each other and that the price must be available to the public on a daily basis. .
Propose a change