Your child trust fund could be at risk

We all know how important it is to learn to save and manage our finances. 

The Child Trust Fund helps our children save for the future, and gives them

a financial start in life that can teach them the value of saving for the future. 

By the time someone is eighteen he or she will have a growing trust fund, where interest has been building for almost two decades. These savings will make a real difference to thousands of young people. 

However, your child trust fund could be at risk.  If the Conservatives win the next election, they would scrap the child trust fund for families earning over £16 000 a year.  They would also remove tax credits from 130,000 middle income families.

And instead of helping the majority of hard working families they have chosen a tax giveaway of £200,000 to the wealthiest 3,000 estates in the country.

So under the Tories if you’ve got kids and earn more than £16,040, you’ll lose £1,000.  But if you stand to inherit a million pound estate you could gain £200,000. 

There has been a lot of guessing about what the Tories might do if they win the next General Election.   Now we know. The Conservatives will hit families in the mainstream middle at the same time as they fund a tax giveaway to the wealthiest estates.

Sign my "Hands off our Child Trust Fund" petition

During these tough times I will fight the Tories’ attack on the decent hard working majority in Swindon.  

It's vital that we stand together and show our support for the Child Trust Fund. Please sign the petition which I will send to David Cameron. Please sign it and ask your friends and family to get involved too.

THE CHILD TRUST FUND FREQUENTLY ASKED QUESTIONS

What is the Child Trust Fund?

• The Child Trust Fund is a £250 payment for every child born on or after 1^st September 2002 to hold in a trust account.

Who is eligible for the Child Trust Fund?

• If you currently receive Child Benefit (the majority will receive this if your child is under 16) and your child was born on or after 1^st September 2002.

Why did the Government set-up the Child Trust Fund?

• The account can give your child a head start as a young adult. It will help your child understand personal finance and the importance of saving for their future.

When is the money released?

• On your child’s 18^th Birthday the money is theirs to spend.

Is there any additional money?

• For families whose household income is below £16,040 they will receive an additional £250 making £500 in total.

Can I save more money in the account?

• Up to £1,200 can be saved each year in the account by parents, family or friends. This means that you can top it up or grandparents can put money aside.

MoneySavingExpert.com says,

“Many 'average' families will be hit hard by Conservative plans to abolish child trust funds (CTFs) payments, if the Tories are elected. The £250-£500 vouchers are free money given back to families by the Government, so for anyone to lose that extra boon is a big shame."