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A child trust fund may only be held with an account provider (see E3.501)¹. An account is not a child trust fund unless it falls within one of the descriptions set out in regulations². The terms must secure that the account is held in the name of a child, that the child is beneficially entitled to the investments under it, and that all income and gains arising on investments under it also constitute investments in the fund. The terms must prevent withdrawals from the account except as permitted by regulations. The terms must require that instructions to the account provider relating to the management of the fund may only be given by the person having the authority to manage it³. Where the child is aged 16 or over and has elected to manage the account, the latter person is the child; otherwise, it is the 'responsible person' (see E3.501)⁴. If there is more than one responsible person, the allocation of authority depends on regulations⁵.

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