Contributions to Child Trust Funds are rising in spite of the decision made by the Government to scrap CTF’s at the beginning of next year. Investigations have shown that contributions into CTF accounts for the first quarter were up, signifying that CTFs still remain popular as a saving method for parents.
Research by the Tax Incentivised Savings Association (TISA) suggests that the popular monthly direct debit subscriptions to CTFs rose to £18million until June 2010 - up £1millon on the previous quarter. 23,000 more accounts also benefited from a larger average one-off lump-sum contribution growing from £507 to £511.
These figures come after the Government announced in May that the Government contribution of £250 would be reduced to £50 for children born in August 2010 . CTF accounts will not be available to children born after December 2010. However, the scheme will still run for CTF accounts with contributions totalling to £1,200 or more per year.
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