i heard on the news this morning thats babies get £250 put into a bank and paid out when they are 18. is this only for people on benefits or does everyone get it?
what does the ££ have to be spend on? university? a first car?
Just curious really, as i heard its only single parents who get it? wondered about fairness? shouldnt all kids get it?

I probably don't do this often, Nat, but I agree with you on this one. If it's for the kid, then surely all kids are equal? There's no guarantee that if you come from a wealthy family that they'll support you beyond 16.....

Everyone gets it. You invest it where you like and can't touch it until they are 18. You are encouraged to add to it if you can though.

everyone gets it, it's £250 at birth, another £250 at 18, can be spent on whatever they like.

so it is £500 plus interest from the first £250? what if they spend it on drink? are they not wisely advised? then again uni not for everyone, maybe it could help them start there own business or something?
who invests it? the parents? what if they make a cock up?

Originally posted by NatalieSheff
who invests it? the parents? what if they make a cock up?

The child sues the parent for financial mis-managment. ;-)

Originally posted by NatalieSheff
so it is £500 plus interest from the first £250? what if they spend it on drink? are they not wisely advised? then again uni not for everyone, maybe it could help them start there own business or something?
who invests it? the parents? what if they make a cock up?

it's invested in some sort of standard interest bearing account, the bond is actually a voucher which you take to a participating financial instituion (ie the bank).

If they wish to spend it on drink, I guess they can do.

Where do i sign up for my backdated £500 plus 9 years extra interest?

Sorry Cyclone like my kids yours have missed out too it only applied for babies born after September 2002!

Have a look at this article for the details

http://www.guardian.co.uk/budget2003/story/0,12656,934849,00.html

probably a stupid question - does it mean all babies born in uk, even asy seek's babies? IVF babies? same sex couples babies?
sounds like a good idea - a good start for teenagers in this expensive world

not sure about the status of asylum seekers babies. Would a tourists baby born he be considered a british citizen, I think that's the key question. Any baby 'born' that is a british citizen will qualify.

Child qualifies if it qualifies for child benefit. To get that you need to have a parent or guardian who is "present and ordinarily resident" in the UK. Therefore anyone without permission to stay in the UK indefinitely is not "ordinarily resident".

is that only for babies born now.

or will 18year olds get it, if they 18now

*crosses fingers*

:hihi:

Nah, only if born after Sept 2002. Although look out for the "£250 for all 18 year olds as long as you vote" election special in the next budget.....

I think this is a good idea, you know.

Every baby born since 1st September 2002 that's entitled to child benefit will get £250 to be invested in a Child Trust Fund. Children from the poorest families can get more - up to an additional £250. The vouchers are issued automatically, so nobody can miss out. Parents choose which provider to invest the money with, but if they don't use the voucher within one year, the Inland Revenue will automatically invest the money, so no child can miss out. An additional payment will be made into each CTF at the child's 7th birthday - this amount has yet to be decided.

You can add upto £1200 of your own money, each year, to the trust fund. The interest earned by the fund is tax free, and once money has been added, it can't be taken back out.

At 18, the money is the child's to spend how they wish. Hopefully children will get a good start in adult life. It should make the world a little bit fairer.

http://www.childtrustfund.gov.uk/

That's a really good idea!