A reminder for young adults born between September 1, 2002, and January 2, 2011, to check for a potential windfall in the form of an unclaimed Child Trust Fund.
Young adults born between September 1, 2002, and January 2, 2011, might be sitting on a forgotten windfall. These individuals could have a Child Trust Fund (CTF) account with the UK's tax authority, HMRC , holding an average of £2,200 in tax-free savings. Launched to give children a financial boost, the CTF allowed parents to contribute up to £9,000 annually. HMRC is actively encouraging eligible individuals to claim their funds.
Recently, they took to social media platform X (formerly known as Twitter) to remind people of this potential wealth. The department tweeted: 'If you were born between 1st September 2002 and 2nd January 2011, you are likely to have a Child Trust Fund worth an average of £2,200. Already turned 18? It’s yours to cash in. Find out more on GOV.UK.'To locate their CTF, individuals can use various methods. If they or their parent/guardian know the CTF provider, accessing the account is relatively straightforward. If not, HMRC provides assistance in pinpointing the account holder. Those eligible for HMRC's tracking service include parents or guardians with children under 18 who have a CTF, and anyone over 16 who had an account opened in their name. To initiate the tracking process, individuals need to provide their National Insurance number, full name, address, date of birth, and any previous names of the child the account was opened for. Within three weeks, HMRC typically sends a letter detailing the CTF provider. In cases of adoption or court-granted parental responsibility, additional information may be required, as outlined in a follow-up letter. Once the child turns 18, they can access the funds. While they can take control of the account at age 16, withdrawals aren't permitted until two years later. The interest earned on the account is tax-free, similar to an Individual Savings Account (ISA). However, no further deposits can be made after the account holder turns 18. At this point, many choose to withdraw the money directly or transfer it to an adult ISA to continue enjoying tax-free benefits. Once withdrawn, the CTF closes. If left unclaimed after the holder turns 18, the account remains open but dormant, inaccessible to anyone else
Child Trust Fund HMRC Savings Unclaimed Funds Young Adults Financial Advice
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