Source · Select Committees · Public Accounts Committee
Recommendation 20
20
HMRC significantly reduced Child Trust Fund monitoring and compliance activity since 2013.
Conclusion
HMRC receives annual returns from providers with information about Child Trust Funds, including the number of accounts held and the number that have not been accessed by their owners. It told us that in the period when new accounts were being opened it received fortnightly returns from providers, but it cut back its monitoring and compliance activity on the scheme in 2013.31
Government Response
A response document is linked to this report, dated 24 September 2023. Response attribution to this conclusion has not been verified. Read the response document ↗