Thousands of people could be sitting on a nest egg thanks to a scheme in place for a just a few years around when they were born
HMRC is paying £2,000 to bank accounts of people who were born in certain years. The Government tax body is urging thousands of young people in the UK to check if they can claim the handy cash boost.
Child Trust Funds were offered to children born between September 1, 2002 and January 2, 2011. Each child received a voucher worth £250, or £500 for those from lower-income families.Families could then add up to £9,000 a year, with the child able to access the money when they turn 18. According to HMRC, there are currently 5.3 million open Child Trust Fund accounts, which young people aged 16 or over can take control of - although the funds can only be withdrawn once they turn 19.
Finance firm Hargreaves Lansdown estimated that one in six young people don't even know about their personal nest egg and around 55,000 are eligible to access their cash each month. “I would encourage young people to use the online tool to track it down or, for parents of teenagers, to speak to them to ensure they’re aware of their Child Trust Fund. It could make a real difference to their future plans.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
HMRC giving £2,000 handout to people born in these yearsThe government provides an initial deposit of at least £250
Read more »
HMRC urges people born in certain years to claim sum worth £2,000HM Revenue and Customs has said around 430,000 young adults could be set for a windfall
Read more »
Older people urged to look out for HMRC letter that could be worth around £5,000Letters about potential State Pension underpayments are being sent out this month from HMRC.
Read more »
HMRC urging mums and dads to claim extra £2,000Working families can claim an additional £2,000 per child each year
Read more »
HMRC issues Halloween reminder that could provide an extra £4,000A Tax-free Childcare account only takes 20 minutes to open and could save families a lot of money for childcare needs
Read more »