The latest CTF Bulletin 85 stresses that under CTF regulation 32, child trust fund account providers are required to make a return of information to HMRC within 60 days of the 5 April each year, that is by 4 June, or within 60 days of the date of ceasing to qualify, or act, as a provider.

There is still a window of opportunity to submit an annual CTF return of information to HMRC for 2017 to 2018 as long as the tax authority is contacted by 10 August 2018 by email confirming the number of accounts managed at 5 April 2018 and explaining why the return of information has not been submitted.

Failure to submit a CTF return can lead to a penalty.

Providers must report details of all CTFs they managed during the return period including CTFs transferred in and where the child has died.

Providers do not need to report details of CTFs transferred out to another provider.

The annual CTF return can only be submitted to HMRC electronically.

The return must include details for each CTF account managed during the return period:

• the child’s unique reference number;
• if the account is a stakeholder account (Type 1) or a non-stakeholder account (Type 2);
• whether or not there is a registered contact for the account;
• the aggregate market value of the investments held under the account at 5 April; and
• the total cash subscribed to the account during the return period ending on 5 April.

Chapter 13 of HMRC’s Guidance Notes for CTF providers sets out how providers should complete their annual returns. 

Technical assistance for CTF providers to submit their electronic return to HMRC is available via email

Report by Sara White