Commentary Section 12: Subscription limits
52.This section relates to contributions to a child’s CTF account made by family, friends and others. Subsection (1) provides that only monetary payments will be accepted for CTF accounts. It will not, for instance, be possible to transfer shares into a CTF account.
53.Subsection (2) gives the Treasury power to make regulations setting the maximum amount of non-Government contributions that can be made to CTF accounts in any year. The limit for savings will initially be £1,200.
54.Subsection (3) defines the period of a year for annual contributions as the period from first opening a CTF account to the child’s next birthday and each subsequent period of twelve months.