To be annoyed with HMRC re. Child Trust Fund
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.
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?
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.
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.
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.
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.
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.
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?
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.
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