<b>Budget 2006:</b> New money for Child Trust Funds. By Rebecca Benneyworth

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The chancellor has confirmed that additional money will be made available to children with Child Trust Fund accounts on their seventh birthday.

The qualifying conditions will be the same as for the initial award made available at birth, that is that the child is UK resident and the subject of a Child Benefit award on their seventh birthday. The carers of all eligible children will receive a further 250 voucher to invest in the child's trust fund. Children living in families where the income is such that a full child tax credit award is due to be made on the child's seventh birthday will receive a further 250, bringing the total award to 500. The current income level that would make the additional award available is family income of no more than 14,155 for 2006-07.

This additional payment was...

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