Parents urged to take advantage of free financial support

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As just about any parent will tell you, bringing up children is not cheap. The Government offers financial help in all sorts of ways and is determined to make sure every parent fully understands all the benefits that are available and how each can be claimed.

The financial assistance consists of Child Benefit, the recently introduced Health in Pregnancy Grant, Child Tax Credits for those with limited income and the Child Trust Fund (CTF).

Under the CTF scheme, the parents of every child born since 1st September 2002 have received from the Government a voucher worth £250 (£500 for low income families) to be invested in the CTF of their choice.

Now, from this September, another £250 (again, £500 for low income families) will be automatically paid into each child's CTF by the Government when they reach their seventh birthday.

The scheme is intended to ensure every child has a financial start in their adult life when they reach the age of 18. In addition, parents, grandparents, godparents, wider family and friends can top up any child's CTF by £1,200 per year tax free.

Here to answer all of your questions about the financial assistance available to parents is Exchequer Secretary to the Treasury, Sarah McCarthy-Fry, MP and Clare Merrills from HM Revenue & Customs.

For more information visit http://www.hmrc.gov.uk

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