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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To be annoyed with HMRC re. Child Trust Fund

83 replies

Emprexia · 11/01/2008 15:02

I didn't bother setting up the Child Trust Fund for DS because i didnt want it, and don't agree with trust funds.. savings accounts are much more useful.

DS is 16mo old and this morning i got a letter from RBS saying that HMRC has instructed them to set up a fund in DS's name, and that they'd be sending me the details.

Only it was address to my Maiden Name.. i've been married 3.5 years.. i called them to let them know of the error, and they said the only way they can change it is for me to either send them my marriage certificate, or go into an RBS branch and have them take a copy.

so... let me get this straight, you want me to send you my marriage certificate so you can change my INCORRECT details on a Child Trust Fund account i do not want and did not ask you to set up.

Yeah.. right.

OP posts:
ElenyaTuesday · 11/01/2008 15:14

Oh yes, complain away about HMRC - I have to deal with them at work and they are totally useless at everything. Did they actually spell your Maiden name correctly? Frankly that would be an achievement for them.

LavenderMist · 11/01/2008 15:20

Why on earth don't you want £250? But YANBU about the maiden name admin hassle that has resulted.

appledumpling · 11/01/2008 15:20

I second ElenyaTuesday. I had to deal with HMRC at work as well and they were hopeless.

ChasingSquirrels · 11/01/2008 15:26

Those are the rules, the fact that YOU don't want it isn't relevant - it isn't YOUR money, it is your ds's money.
The maiden name thing is a pain - have you ever informed them? I wouldn't bother changing it anyway, the account is in your ds name isn't it? As it can't be accessed until he is 18, and it is his money, I don't see why your name is relevant?

IdreamofClooney · 11/01/2008 15:27

I set up a CTF with just the £250 and then pay money into a savings account over which I will have control.

£250 free - what's not to like?

ChasingSquirrels · 11/01/2008 15:27

but yes, the HMR&C are useless, they have been downsized into call centres and are staffed by relatively untrained staff. They are so so so much worse to work with than when I started training 15 years ago.

Original poster
Emprexia · 11/01/2008 15:28

because its 250 quid he can't touch for 18 years. its just going to sit there doing sod all. i think its pointless. If they want to give parents 250 quid, fine, but give us the choice of what we do with it.

Like i said, i prefer savings accounts, at least then if the interest rate is crap i can close it and move the money somewhere more lucrative.

OP posts:
ChasingSquirrels · 11/01/2008 15:29

you should have put it in a savings account then - a CTF one, you have had 12mo to do this. Now because you haven't they have done somethign with it - as all the bumf says they will. It might do sod all but it is HIS money, they haven't given it to the parents because it isn't for the parents.

Original poster
Emprexia · 11/01/2008 15:30

i assume my name is relevant because if i need to change anything in regards to the account, i can't, because my details aren't correct.

OP posts:
lennygrrl · 11/01/2008 15:31

Message withdrawn

ChasingSquirrels · 11/01/2008 15:31

Ah yes if you want to change it, it will matter - given your complete lack of interest and apathy regarding it for the first 16mo of his life I assumed that you weren't going to.
But if you want to move it you will have to prove identity anyway, so I don't see this is too much of an issue.

Cappuccino · 11/01/2008 15:33

you should have opened the damn thing yourself

if you don't want it why are you moaning about it being in teh wrong name

you are the one asking to change things

Original poster
Emprexia · 11/01/2008 15:33

sorry, but i dont agree with CTF full stop.. its just some dumbass government scheme labour set up to try and make like they cared about families and children.

Ds doesn't need 250 quid sitting somewhere for 18 years, its pointless.

OP posts:
clarinsgirl · 11/01/2008 15:33

The money won't be doing sod all - it will be accruing interest or appreciating depending on the account chosen. HMRC are useless but they're just trying to give your child £250 YABU.

Cappuccino · 11/01/2008 15:35

Ds doesn't need 250 quid sitting somewhere for 18 years, its pointless

I think that is for ds to decide not you

when he is an adult

this is the whole point

Original poster
Emprexia · 11/01/2008 15:36

If they wanted to give DS 250 to use when he's 18, they can give it him on his 18th birthday.

DS already has an account set up in his name, somewhere his father and I think would be much more useful. I dont need the government or HMRC, or RBS telling me whats best for my DS or holding money to ransom until they think he's going to need it.

OP posts:
lennygrrl · 11/01/2008 15:37

Message withdrawn

Cappuccino · 11/01/2008 15:39

oh yes it would be much better if they gave it to him when he was 18

that way he could avoid all that pesky interest

clarinsgirl · 11/01/2008 15:41

Yes, is this a wind up? Do you really have a problem with someone giving your child £250?????

pucca · 11/01/2008 15:43

The phrase 'cutting your nose off to spite your face' springs to mind! how ridiculous!

Cappuccino · 11/01/2008 15:44

I think YABU

for a start you didn't read the stuff - it said it would set up a CTF if you didn't. If you wanted control over where the money went you should have set it up

nowhere on the information that was sent out did it say: "If you do not set it up we will forget all about your son's money and just disappear"

They did give you the choice of what to do with it - and you chose to do nothing, so the choice was taken away

And now you want to ring up and tell them they have done it wrong

You only have yourself to blame for not doing it in the first place. If you really don't want the money it doesn't matter what name it is in, does it?

soapbox · 11/01/2008 15:46

The poor financial literacy displayed by Kaishay is all too common unfortunately. It is for that reason that the Govt have set up the funds if a parent does not invest the voucher.

There is an additional payment into the fund of £250 or £500 depending on income levels, at age 7, which combined with the interest accrued on the account will give an average of £1000 at age 18, assuming no other payments are made into the fund.

What child at 18yo is likely to turn their nose up at that?

Kaishay, saving and having a ctf are not mutually exclusive - your child can have both types of accounts and benefit from both lots of savings when he is older.

Original poster
Emprexia · 11/01/2008 15:46

No this isn't a wind up. I don't have a problem with someone giving my child 250quid, i have a problem with them telling me he can have it, but oh.. you can't have it until you're 18.

But thats not the point.

If you read on the CTF website, it says they do this as a matter of course, but they make the registered Holder whoever the childs CB payments are made to.

Well.. his CB payments are made to me, and the CB details are all in my married name.

so, back to the point in hand.. WTF are they doing addressing it to my maiden name and then telling me they need to see my marriage cert to change it for?

OP posts:
TellusMater · 11/01/2008 15:47

It said pretty clearly on the letter that I got for dd that if I didn't open an account they would do it for me.
So children don't miss out if their parents don't open one themselves.
I know it's not a lot, and I don't top it up myself (I too want control over the money), but it's better than a slap in the belly with a wet fish, and daft to just let it go.

meglet · 11/01/2008 15:48

If i may hi-jack this thread slightly, I suspect what will happen when all these children reach 18 and have control of this money is that they will all go out on a huge bender / go on holiday / go shopping. The government are INSANE to think this money will be spent on cars / uni / houses etc. Good idea in theory, but 18 is too young.

Yes, YABU, but HMRC are useless too.