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Child Trust Fund

Volume 455: debated on Thursday 18 January 2007

To ask the Chancellor of the Exchequer what (a) administration, (b) consultancy and (c) IT costs were incurred in each year since 2002-03 in relation to the Child Trust Fund; and if he will make a statement. (115452)

Costs for the Child Trust Fund are set out in the following table:

£ million

Administration

Consultancy1

IT costs

Total

2002-03

0

0

0

0

2003-04

1.9

0.4

3.6

6

2004-05

14

1.4

37.1

52

2005-06

19.3

1.4

16.7

37

2006-07 (estimate)

14.9

0

9.8

25

1Consultancy costs refers to IT consultancy to oversee the IT development of the CTF.

To ask the Chancellor of the Exchequer how much was paid out by the Child Trust Fund through accounts opened by (a) individuals and (b) the Government in each three-month period since records began; and if he will make a statement. (115455)

The figures for the payments made by the Government on the opening of Child Trust Fund accounts, split by those accounts opened by parents and those opened by HM Revenue and Customs, are set out in the following table:

£ million

Initial Government payments to accounts opened by parents

Initial Government payments to accounts opened by HMRC

Additional Government payments to children in lower income families and all payments to looked- after children

April -June 05

168

0

0

July -Sept 05

89

Neg

27

Oct - Dec 05

71

Neg

13

Jan -Mar 06

78

27

10

April- June 06

34

71

96

July -Sept 06

33

19

23

Oct - Dec 06

33

13

14

The bulk of accounts opened by HM Revenue and Customs started in early 2006 when the first vouchers issued began to expire. However, there were a very small amount of accounts opened previous to this for looked-after children and under age-parents.

The figures for additional payments to children from lower income families cannot be broken down into those paid into accounts opened by parents and those opened by HM Revenue and Customs as this information is not necessary for the purposes of HM Revenue and Customs business and is therefore not held.