It has been announced that anyone born between 2002 and 2011 is eligible to receive £2,200 from HMRC. HM Revenue and Customs (HMRC) is encouraging 18 to 21-year-olds who have an unclaimed Child Trust Fund, which is worth an average of £2,000, to claim their money.
The government made an initial deposit of at least £250 into Child Trust Funds, which are long-term, tax-free savings accounts, for each child born between September 1, 2002, and January 2, 2011. When the account reaches maturity, which occurs when the child turns 18, money can be taken out.
“Many 18-21 year olds are beginning their first jobs or apprenticeships, starting university, or moving into their first home, and their Child Trust Fund is a pot of money with their name on it,” stated Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive.
“Young people should utilise the internet tool to find it, or parents of adolescents should talk to their children to make sure they know about their Child Trust Fund. It might significantly alter their plans for the future.
The government does not own the savings; instead, banks, building societies, and other saving institutions do. In a caution to UK householders, HMRC has stated on its website that the funds remain in the account until they are taken out or reinvested.
The Share Foundation’s Gavin Oldham stated: “The government would have set aside funds for you soon after your birth if you were between the ages of 18 and 21. This investment, which is in your name, would have increased significantly. More than 65,000 youth have had their Child Trust Fund accounts connected by the Share Foundation. Finding out where your money is is simple and cost-free. To discover it now, visit GOV.UK or findCTF.sharefound.org.
Over 450,000 consumers used the free GOV.UK tool to find their Child Trust Fund in the past year, using only their date of birth and National Insurance number.