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Child Trust Fund allowances to rise

Parents are being reminded of changes set to come into force concerning how much money they are allowed to pay into Child Trust Funds each year.

Child Trust Funds will see their maximum annual contribution levels raised from £2,200 to £3,600, which is the same yearly contribution limit as the new Junior ISA.

The latest research from the Tax Incentivised Savings Association (TISA) analysing more than four million Child Trust Funds, found that £19.6 million is being paid into these products every month through direct debit subscriptions.

Director general of TISA, Tony Vine-Lott, said: "Whether your child has a CTF or a Junior ISA, it is important to ensure that the money is in an account that best meets their needs - bearing in mind that this is a long-term investment of 18 years.

"I would urge parents with a Child Trust Fund to make full use of the higher contribution limit and to regularly review the investment performance."

Copyright © Press Association 2011

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