22 March 2019 Halesworth & Southwold Community News Financial Focus On….… Is your (grand)child owed money by HMRC?
FOR every child born in the UK between September 1st 2002 and January 1st 2011, HM Revenue & Customs was giving away free money. Yet unbelievably, despite several reminders, millions of pounds of this money remains unclaimed. The scheme was known as
the Child Trust Fund (CTF) and was meant to encourage parents to save for their children. Initially, an amount of £500 was awarded to each
child born between September 1st 2002 and August 2nd 2010 in two tranches – £250 at birth and a further amount at age 7. From August 3rd 2010 until the scheme closed on January 2nd 2011, the amount was reduced to £50. The amount was awarded in the form of vouchers which parents could present to a CTF scheme provider (often a High Street bank) to be invested as a Stakeholder account, a shares account or
as a bank account. The CTF account, once opened, could then be added to by other members of the family up to (currently) £4,260 per child per year. Except in very few exceptional
the child circumstances
(such as terminal illness), the investment could not be withdrawn until
reached 18 but from age 16, the child could receive statements and could control the investment of the funds. If the parents did not claim
the initial award for whatever reason, the government themselves opened an account on behalf of the child.
these accounts that have often been forgotten about and are largely still unclaimed.
the CTF accounts opened, it is thought that over 1.9 million CTF accounts were opened by the government in this way and, at last reports, over 1.7 million are still waiting to be claimed. As the government-invested CTF funds are highly unlikely to have been actively managed on behalf of a child – the funds will have been deposited and just left there – it is important that these accounts are not only claimed but are also reviewed to determine
decisions on their performance need to be made – perhaps by converting them into a Junior ISA.
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Even if the child was born towards the end of the scheme and received one of the smaller rewards, it is still free money from the government which can be claimed. If you are unsure whether your child has an unclaimed CTF account, you need to go online and ask HMRC at https://www.gov.uk/child-
trust-funds. (You will need a Government Gateway reference if you do not already have one, so you may need to register with HMRC before you can start the trace).
Once you have found your
child’s CTF you are able to transfer the funds into a Junior ISA which works broadly under the same rules (that the funds cannot be withdrawn until age 18) but often the fees are lower.
need to shop around though as it is reported that not all Junior ISA providers accept the CTF vouchers. There are also restrictions to prevent you holding both a CTF and a Junior ISA simultaneously so the CTF will have to be closed when the Junior ISA is opened. Whilst the vast majority of
these “forgotten” accounts cannot yet be encashed - as the
youngest claimants are
just turning 16 at the moment – isn’t it better to have this money under your control than languishing unloved in location of HMRC’s choosing? For further information on
any of the above points or to discuss your affairs generally, do not hesitate to contact Robin Beadle at Ensors Chartered Accountants, Saxmundham on
01728-603005. This article seeks to address
general business and financial issues and due care has been taken in its preparation. Ensors cannot accept responsibility for loss incurred by any person, company or entity as a result of acting, or failing to act, on any material
in this publication.
Specialist advice should always be sought in relation to your
THANK you to Halesworth Library for enabling us to hold our public exhibition showing the latest plans for the Campus site. We have started to upload the plans on to the East Suffolk Planning Portal and we will complete the process in the next few days. This is a major milestone for this project, and we are delighted to have got to this stage after so long. Once the
application is published
on the portal, members of the public will be able to comment with concerns and messages of support so please do get online and look it up www. eastsuffolk.gov.uk/planning/
Thanks also to all those of
you who visited the library to view the information, and especially those who gave us feedback.
The facilities will
benefit the whole town and the surrounding area, and your opinions matter a great deal to us. Here is a flavour of some of the main comments: Wonderful for Halesworth.
So exciting to see it finally happening. Halesworth needs and so deserves this! This is great news to hear,
that Halesworth is finally getting the facilities it needs. I’m really excited by these
proposals – this will be a real asset for Halesworth and will reinvigorate the community. Thank you for your support and positive comments. Please can you include a community garden – to link health, mental health, the café, catering and training facilities. There is a lot of local growing expertise in this area!
This is a great idea which we Est. 1970 E. T. WEBSTER
Preservation in Action Listed Building Works A Speciality
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Tel: 01502 478539 Fax: 01502 478164 FREE QUOTATIONS
Westwood Lodge, Blythburgh, Halesworth, Suffolk IP19 9NB
really want to take forward. All looks very good, just
really worried about the access via Harrisons Lane for the housing.
This has been raised by a
few people, and the planners will be considering the options. What about squash courts? We will look into this when we are thinking about further development of the site. Why so many football pitches?
The pitches will all be multi- purpose, not just for football. If footballers/rugby players use shower area it will be quite a dirty changing room. People using the spin room, equipment studio and other studios would not want to share shower area with muddy people. There
will be separate
changing rooms for indoor and outdoor activities. Please make sure there is a swimming pool. We will try, but we will need support and funding. In other news… Halesworth Day of Dance
will be held on March 30th this year and people coming to take part will be able to park at the Campus. See the “Halesworth Day of Dance March 30th 2019” Facebook page for information about the day. This summer Go Geronimo will once again be holding free activity days at the Campus. More details will be available nearer the time.
For further information
please look at our website www.halesworthcampus. org or email us at info@ halesworthcampus.org
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