On your radar – CTFs
His Majesty’s Revenue & Customs (HMRC) has reminded teenagers and people in their twenties to claim their matured Child Trust Fund (CTF) savings. CTFs are long-term savings accounts set up for every child born between 1 September 2002 and 2 January 2011. The government provided an initial deposit of at least £250 to open the account and encourage future saving. An estimated 6.3 million CTF accounts were set up throughout the duration of the scheme, containing about £9bn.
You can continue to add up to £9,000 a year to an existing CTF until age 18. The last CTFs will mature in 2029. To trace a CTF visit www.gov.uk/child-trust-funds/find-a-child-trust-fund
Women still financially less secure
According to a recent government research paper1 women are far less positive about their financial future than men. Just one in five (20%) women feel positive, compared to more than a third (35%) of men, while only 13% of women are confident that they have enough saved towards retirement, compared to 27% of men. Former Pensions Minister Baroness Ros Altmann said, “It’s alarming that… the gender savings and pension gap remains, and women are still not confident that they have saved enough for retirement.”
1Cushon, 2022
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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