HM Revenue and Customs (HMRC) is reminding young people of the potential to claim a cash boost from Child Trust Funds. Introduced in 2002, these tax-free savings accounts aim to encourage saving habits and provide a financial boost for young people. HMRC encourages those born between September 1, 2002, and January 2, 2011, who received Child Benefit, to check if they have a Child Trust Fund.
HM Revenue and Customs has urged young people to find out more about Child Trust Funds, as some could be missing out on a cash boost worth over £2,000. According to HMRC , children born between September 1, 2002 and January 2, 2011 whose parents received Child Benefit most likely have a Child Trust Fund account. The long-term tax-free savings accounts were introduced by the UK government to provide a pot of money for young people and to encourage them to get into the habit of saving money.
While some parents may have received a voucher to open an account with, it's possible the HMRC opened an account on a child's behalf even if their parent or guardian did not, with account holders claiming £2,200 on average. Highlighting the scheme on X, HMRC wrote: 'Unlock a boost this Christmas by cashing in your #ChildTrustFund. If you’ve turned 18 in the past few years, then you could be missing out on a cash boost.' Although teenagers aged 16 and 17 can take over the responsibility of their accounts, you have to wait until you're 18 to withdraw money. From then on, what you do with the money is up to you. There are several ways you can find a Child Trust Fund. If you or your guardian knows who the account is with, you can ask the provider. Alternatively, you can ask HMRC to find a Child Trust Fund provider by giving HMRC the necessary information. Parents and guardians will need to know: You'll also be asked for your National Insurance number, and, if applicable, you'll also need adoption details. Once you've completed the online form, you'll receive a letter with details of the provider. This usually takes three weeks, but postal applications may take longer. More information is available on GOV.UK
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