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Further terms and conditions for the Skipton Child Trust Fund

1. Our general Investment Account Terms and Conditions apply to the Skipton Child Trust Fund (CTF) together with the following terms and conditions.
2. The Skipton CTF is only available to children born on or after 1 September 2002 who are resident in the UK.
3. Gross interest (i.e. without having income tax deducted) will be accrued on a daily basis and will be credited to the CTF at midnight on the day before the named child’s (“Named Child”) birthday each year.
4. Only one person aged 16 or over with parental responsibility for the Named Child if they are 16 years or over (the “Registered Contact”) can apply to open the Skipton CTF. Only one CTF can be opened for each Named Child aged under 18. The Named Child or Registered Contact cannot apply for, or hold, more than one CTF for the same child.
5. Applications for the Skipton CTF will only be accepted with: (i) an official HM Revenue & Customs CTF voucher (the “Voucher”); (ii) a properly completed and signed CTF application form and declaration; and (iii) appropriate evidence of identity.
6. The interest rate applicable to the fund is variable, we do however guarantee that the rate of interest on the Skipton CTF will never fall more than 1% below the Bank of England base rate and any new interest rates will become effective 14 days from the day after a subsequent Bank of England base rate change.
7. The Registered Contact will have 14 days from the date of us receiving the completed Skipton CTF application form and voucher (the “Cancellation Period”) to notify us and cancel the CTF. Any notice to cancel the CTF must be in writing and addressed to; Investment Administration, Principal Office, The Bailey, Skipton, North Yorkshire BD23 1DN. Upon receipt of the notice we shall return the Voucher to the Registered Contact at the address given for the Registered Contact in the application. On the next business day following expiry of the Cancellation Period, (the “Account Opening Date”) if no notice to cancel has been received by us, we will send the Voucher claim to the HM Revenue & Customs. Exercising your right to cancel will not incur additional charges.
8. The Skipton CTF will not earn any interest for the Voucher until such a time as the HM Revenue & Customs credit us for the Voucher’s full value. Once the Voucher’s value has been credited to the CTF it cannot be withdrawn, transferred or returned in accordance with these terms and conditions.
9. The minimum additional investment (“Contributions”) is £10 and can be made by cheque, cash, standing order or transfer at a branch or by cheque, standing order or transfer through our Principal Office. The Skipton CTF will earn interest at the applicable rate for any Contributions made after the value of the Voucher has been credited to the Society by the HM Revenue & Customs. Once Contributions are accepted they will for legal purposes be treated as a gift to the Named Child and cannot be withdrawn, transferred or returned except in accordance with these terms and conditions.
10. Contributions transferred from other Skipton Building Society accounts will be subject to any restrictions and the terms and conditions of other accounts.
11. The maximum amount of Contributions that can be made in a single year over and above any Voucher is £3,600 (a year is defined as running from the Account Opening Date to the Named Child’s next birthday and thereafter from the Named Child’s birthday to their next birthday).
12. The Skipton CTF cannot be a joint account and any monies held in it are for the beneficial ownership of the Named Child only.
13. Skipton Building Society will notify the registered contact if, by reason of any failure to satisfy the provisions of the CTF regulations, a CTF has, or will, become void.
14. Withdrawals are not permitted until the Named Child’s 18th birthday. Only the Named Child, on or after their 18th birthday, can make authorised withdrawals from the Skipton CTF unless: (i) notification of a terminal illness claim on behalf of the Named Child from the HM Revenue & Customs has first been received by the Society, following which the only person who can withdraw money from the CTF on behalf of the Named Child is the Registered Contact. (For more information on terminal illness claims please call the HM Revenue & Customs CTF helpline on 0845 302 1470. Lines are open weekdays from 8.00am to 8.00pm); or (ii) such documentary evidence of the Named Child’s death has first been provided to the Society. The Skipton CTF will cease as soon as the Society receives satisfactory documentary evidence of the death of the Named Child. Gross interest up to the date of death will be paid into the Skipton CTF. The Skipton CTF will then revert to a net Child Trust Fund with a variable net interest rate. Net interest will continue to be accrued on a daily basis and will be credited to the net Child Trust Fund at midnight on the day before the Named Child’s birthday each year. Interest will be paid or credited after deduction of income tax at the lower rate of 20%.
15. The Registered Contact may transfer the monies held in the Skipton CTF to another CTF provider subject to us receiving a properly completed transfer application form. Transfers to other CTF providers are free of charge and will be completed within 30 days of us receiving a properly completed transfer application form. If day 30 falls on a bank holiday or a weekend the transfer date will be brought forward to the previous working day. Interest will be paid up to, but not including, the date of transfer. We shall not be obliged to accept any transfer application form before the HM Revenue & Customs have credited us with the Voucher’s full value. Should any transfer application form be received during the Cancellation Period the Skipton CTF will be cancelled and the Voucher will be returned to the Registered Contact at the address given in the CTF application form.
16. The fund will be operated in accordance with prevailing rules and regulations and legislation which may, of course, be varied from time to time, by the Government and HM Revenue & Customs.
17. This account is only open to individuals resident in the UK aged under 18.
18. The Skipton CTF is a share account which confers membership rights and is subject to the Rules of the Society.
19. This account is not a Payment Account for the purposes of the Payment Services Regulations 2009. Because your account is not a Payment Account, the provisions relating to changes to interest rates stated to apply to Payment Accounts, which appear in Part F of our Investment Account Terms and Conditions, will not apply to your account.

Copies of the Rules can be obtained from any branch or our Principal Office. Members must be 18 years or over and must have a minimum balance of £100 in order to receive voting rights.

Your tax treatment will depend on your individual circumstances and may be subject to change in future.