Katy Clark MP urged parents in North Ayrshire and Arran who haven’t done so to use the Child Trust Fund voucher and open an account for their child.

Figures published recently by the Treasury showed that in North Ayrshire and Arran of the 4,463 vouchers issued to children born up to 6th April 2007, 2918 or 65.4 per cent had been used to set up an account, which currently lies below the national average which is 74.6%.

Katy said, “The Child Trust Fund is a worthwhile scheme which I encourage all parents to get involved in. I was disappointed that North Ayrshire and Arran is lagging behind the national average, and that is why I am speaking out to raise awareness of this scheme and the benefits it offers.”

The Child Trust fund gives every child living in the UK who was born on or after 1 September 2002, and for whom Child Benefit is being received a cheque of £250. This cheque can be put into an account which can be added to at any time, and can only be redeemed by the child when they are at least 18 years old. Further to this the Government will send another contribution when the child turns seven. The money placed in this account is not taxable on income or gains, and does not effect the entitlement of the parent to tax credits or other benefits.

Katy continued by saying, “Parents can help their children through this scheme. The initial payment from the government is something everyone should claim for their child. The scheme is flexible in that you can choose from a selection of accounts to get one which best suits your requirements, and you can also change providers if you wish to do so at any time for any reason. I recommend that all parents in North Ayrshire and Arran take full advantage of the Child Trust Fund.”