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

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23rd Mar 2006
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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 originally mooted in the last Budget and has now been approved. The 2005 Pre Budget report included a further proposal to make a third payment at age 11. There has been no further news on that proposal.

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