The Share Centre: CTF could lead to £97 million shortfall in inflation
www.moneynews.co.uk > General finance > The Share Centre: CTF could lead to £97 million shortfall in inflation
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The Share Centre: CTF could lead to £97 million shortfall in inflation
Wed 20th Aug 2008
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While children who first joined the scheme in 2005 had their initial £250 topped up for lost growth, newborns have since received a flat £250.
The Share Centre said this means children born today will get £145 less after inflation than predecessors over the course of the scheme.
It warned that, forecasting differences over the 18 years until children can access their money, the government could face a £97 million shortfall a year.
As a result, The Share Centre is urging the government to apply index-linking to stop current newborns from missing out.
Guy Knight of The Share Centre said the organisation calculated that babies born today need £288 to get the same start as those born on 1st September 2002.
The CTF allows a tax-free, long-term savings and investment account for children whose parents receive child tax credit on their behalf.
It cannot be accessed until the child reaches 18.
Related News : General finance |
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Related News : Banking |
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