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Letter to the Chancellor- Reply From The Chancellor's Office

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At last we have had a reply from the Chancellor's Office regarding Child Trust Funds. It did take a reminder before it arrived ! However, as we might have anticipated it is not what we wanted to hear as you can see from the letter. Have you got any commnets you would like to make?. After all, we don't want to leave it at that do we?

 

 

 

 

 

 

 

 

 

 

 

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This is the start of a regular invitation to Silverlinkers to send me a letter addressed to anybody they wish tackling any issue that is important to them. The letter will be published and sent by the Editor to the person concerned. The reply will be

published in due course. As you can see I have begun with my own letter to the Chancellor. Please submit yours.

The Rt Hon George Osborne
Chancellor of the Exchequer
HM Treasury
1 Horse Guards Road
London
SW1A2I-IQ

Dear Chancellor

Child Trust Funds v Junior ISAs

We wish to bring to your attention the growing concern amongst parents and grandparents over your policy on ISAs. At the Silverlinksnetwork we are well aware that the policy of Child Trust Funds ( CTFs) was introduced by the previous Government and that CTFs have now been replaced by the new Junior ISAs. However, your Treasury maintains its position that those people holding a CTF cannot move the money to a more appropriate Junior ISA.

You will be aware that as a defunct savings fund the CTF does not command any interest amongst investment managers and it is fair to say that the poor returns that these funds currently attract can only be set to get worse. Those of us that set up funds for our children or grandchildren in accordance with Government advice now find ourselves down a blind alley. It seems to us that there is no good reason for your continuing to prevent the movement of funds out CTFs into Junior ISAs affording us the same degree of flexibility that we get in our own ISA savings funds.

We would request that the Teasury conducts a review of this matter and we would welcome your comments, particularly as to the reason why no action will be taken if that is your decision. 

 

We will look forward to hearing from you in due course.

Editor

www.silverlinksnetwork.com

 

  • Graeme Harvey

    Posted at 2013-11-17 09:31:17

    HMRC is not fit for purpose. Since the amalgamation of Inland Revenue and Customs and Excise, HMRC have been bottom of the annual Civil Service annual Staff satisfaction poll. It is time for the Government to take them by the scruff of the neck and sort them out. After amalgamation HMRC had over 250 different computer systems, none of which were capable of communicating with each other. When Gordon Brown introduced Tax Credits he insisted that every application be treated as genuine consequently Billions of our hard earned taxes have been lost through fraud. If you read the reports from the Parliamentary Accounts Committee you will see how often HMRC leadership are taken to task for their failures and their lying to the Committee. They have, because of their deplorable management attitudes lost thousands of well trained competent tax staff, they have rushed lemming like to introduce management systems like "Lean", which is a manufacturing process that even Toyota have dropped. A properly run Revenue Department would vastly increase the amount of Revenue collected and actually reduce the amount of tax we actually have to pay.

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