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Child Trust Fund Q&A
Child Trust Fund Q&A
Opening a Jump Child Trust Fund (CTF) Account
Account How do you open a Jump CTF account?
You can only transfer an existing CTF account to Jump, subject to it being a minimum of £1,000 in value. You will need to complete a Jump CTF Transfer In Form and send it back to us. Once we have received your completed form we will liaise with your existing CTF provider to arrange the transfer.
What is the minimum and maximum you need to open a Jump CTF account?
Your existing CTF account must be a minimum value of £1,000 for Jump to accept the transfer into a Jump CTF account. There is no maximum value.
Who has control of the account?
Any money in the fund belongs to the child and is locked-in until they reach 18, at which point they can decide what they want to do with it. Until the age of 16 the parent or guardian of the child chooses the type of investment, thereafter the child can control investment decisions if they wish, but are unable to make withdrawals until they reach 18.
Investing into your Jump CTF account
Can I top up my Jump CTF account?
Yes, once your Jump account has been opened. Top ups are subject to a minimum lump sum contribution of £100 (by cheque) or a monthly / quarterly contribution of £50 (by direct debit) and provided you do not exceed the maximum contribution limit of £3,600 per annum. You can access a Jump CTF Top Up Form here.
Who can make contributions?
Anyone. They can add lump sum investments or set up a Direct Debit.
What is the maximum contribution limit?
£3,600 for each calendar year (the year runs up to the Child’s birthday).
Charges & Fees
How much does the Jump CTF cost?
We charge an annual management fee of 1% + VAT (minimum £10) per annum. However, from 6th April 2012 this will change to a fixed fee of £30 +VAT per annum. There are no other dealing charges apart from the 0.5% government stamp duty which is charged on the purchase of all equity products.
What is the situation on tax?
The CTF is free of capital gains tax and no further income tax is payable on dividend income. See our Tax Centre for more information. Please note that tax assumptions may change if the law changes, and the value of tax relief (if any) will depend upon your individual circumstances. Investors should consult their own tax advisers in order to understand any applicable tax consequences. The above section is based on Witan Investment Services Limited's understanding of Revenue law and practice as at January 2012.
Can I withdraw money from the CTF Account?
Not until the child is 18 under normal circumstances, please see our Terms & Conditions for more information.
Can I transfer into/out of Jump?
Yes, however you can only transfer from one provider to another. We make no charge if you want to transfer an existing CTF into or out of Jump. To transfer into Jump you will need to complete a Jump CTF Transfer In Form. If you would like to transfer out of Jump then you will need to contact an alternative CTF provider you will be able to provide you with the relevant form.
Can I transfer between Jump products?
No unfortunately due to HMRC guidelines you are unable to transfer investments into or out of a CTF account.
What happens when the child reaches 16?
The child can take responsibility for the management of their CTF account.
What happens when the child reaches 18?
The child is entitled to access the funds. They can choose either to sell or to roll over into an adult ISA.
What happens to dividends?
Witan currently pay two dividends a year, one in April and the other in September. The dividends represent income received from the underlying investments within the Witan portfolio. The income is automatically reinvested to buy more shares.
How can I change the registered contact on the account?
If you would like to change registered contact then please download a Change of Registered Contact Form by clicking here and sending it to our contact address which be found in the contact us section.
How can I change the bank details listed on the Jump CTF account?
If you would like to change the bank details on an existing Jump CTF account then please download the Jump CTF top up form by clicking here and send it to the address stated on the form. This form allows you to not only top up and existing Jump CTF account but to also change your existing bank / direct debit details.
