Parents ''not fully benefiting'' from CTF tax breaks
Louise Border
Date posted: 23 Feb 2010
Some parents may not be enjoying all of the Child Trust Fund (CTF) tax breaks that are open to them, according to one website.
Unbiased.co.uk suggests that, over the past five years, the maximum amount of funding has only been paid in to one per cent of CTFs.
The site believes that parents may therefore be losing out on tax savings worth as much as £63 million.
Chief executive of the organisation Karen Barrett believes that people might benefit from seeking guidance from an independent financial adviser.
Some parents may not be enjoying all of the Child Trust Fund (CTF) tax breaks that are open to them, according to one website.
Unbiased.co.uk suggests that, over the past five years, the maximum amount of funding has only been paid in to one per cent of CTFs.
The site believes that parents may therefore be losing out on tax savings worth as much as £63 million.
Chief executive of the organisation Karen Barrett believes that people might benefit from seeking guidance from an independent financial adviser.
"Parents don't have to pay tax on the interest earned on a CTF account and by not using their full funding allowance each year they may potentially be gifting the taxman," she commented.
Meanwhile, Unbiased.co.uk has also recently highlighted the debt problems that a number of UK adults may be having to face up to this year, with credit card debt going up during 2009.
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