UK Money News
24th January 2008
Tax advantages 'make CTFs appealing'
Tax advantages associated with child trust funds (CTFs) make the products appealing to parents looking to secure the financial futures of their offspring, it has been suggested.
Anna Bowes, an investment manager for the independent personal finance adviser AWD Chase de Vere, has insisted that CTFs offer British parents a good way to save for their children, while avoiding some of the unwanted effects of taxation on their financial planning.
Ms Bowes has explained that regular saving accounts leave parents liable to be taxed on interest worth more than £100, which is a relatively inefficient way to set money aside for a son or daughter.
"If you're a parent saving for your child, then you can get caught up in something called the £100 rule," she said.
"That is not the case on money that is invested in a CTF. So, for a parent, it's a way of saving some money for their child and avoiding the £100 rule."
Thousands of families in the UK make savings for children part of their personal finance plans and according to the Tax Incentivised Savings Association, contributions to CTFs have been steadily increasing in recent months.
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