3 Requirements to be satisfied
Child Trust Funds Act 2004 (2004 c 6) | Legislation

3  Requirements to be satisfied

(1)     A child trust fund may be held only with a person (referred to in this Act as an “account provider”) who has been approved by the Inland Revenue in accordance with regulations.

(2)     An account is not a child trust fund unless it is an account of one of the descriptions prescribed by regulations.

(3)     The provision which may be made by regulations under subsection (1) includes making approval of an account provider dependent on the person undertaking to provide accounts of such of the descriptions for which provision is made by regulations under subsection (2) as is prescribed by the regulations.

(4)     The terms of a child trust fund must—

(a)     secure that it is held in the name of a child,

(b)     secure that the child is beneficially entitled to the investments under it,

(c)     secure that all income and gains arising on investments under it constitute investments under it,

(d)     prevent withdrawals from it except

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