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Source · National Audit Office

Investigation into Child Trust Funds

This report looks at tax-free savings accounts for 6.3 million children born between 2002 and 2011, into which the government paid £2bn.

Published: 14 Mar 2023 Recommendations: 2 Type: Other NAO confirmed: 2 Department: HM Revenue and Customs
Dept: HM Revenue and Customs Topics: Grants and fundsMoney and tax nao.org.uk →

Recommendations

2 items
2 accepted 1 implemented 1 in progress

Recommendation 1

Addressee: HM Revenue and Customs · Source location: Page 11, Paragraph 21, first bullet point

HMRC is increasing its engagement in CTFs now they are maturing. As it is now more closely monitoring and reporting on CTFs, it should seek to review its current efforts to raise awareness of the CTF scheme among young adults and assess whether they are sufficient.

Response position: Accepted

Delivery: Implemented · Q2, 2023-24 · Confirmed by NAO

Recommendation 2

Addressee: HM Revenue and Customs · Source location: Page 11, Paragraph 21, second bullet point

HMRC is increasing its engagement in CTFs now they are maturing. As it is now more closely monitoring and reporting on CTFs, it should seek to re-evaluate the CTF scheme once an appropriate amount of time has passed since accounts began to mature.

Response position: Accepted

Delivery: In progress · Q3 2026-27 · Confirmed by NAO

Public Accounts Committee follow-up

1 report

The Public Accounts Committee examined this NAO report and published its own recommendations. The government responds to PAC recommendations via Treasury Minutes.