HMRC struggles to give money away. By Dan Martin
Thousands of parents have failed to open child trust fund (CTF) accounts forcing HMRC to open them on their behalf, official figures have revealed.
Data from the first annual report on the government's CTF initiative showed that although 1,320,088 of the vouchers issued have led to accounts being opened by parents since the scheme began in 2002, almost 350,000 accounts have been opened by the Revenue because parents failed to do so.
"It seems you just can't give money away," said Jason Hollands, from investment trust based CTF provider F&C Asset Management.