HMRC is urging people to claim their unclaimed Child Trust Funds, which could be worth an average of £2,212. The scheme, launched in 2005, saw every child born between September 1 2002 and January 2 2011 receive an initial payment. Parents and caregivers could add to the account, and the money remained inaccessible until the child turned 18.
HM Revenue and Customs ( HMRC ) is urging people to 'unlock' a cash boost this Christmas, as hundreds of thousands of people may be entitled to a lump sum of around £2,212 on average. HMRC said earlier this year that more than half a million people were still yet to claim what they were owed. The pots of cash were set up as part of a scheme by a previous Labour government back in 2005. The Government paid an initial payment of £250, or £500, per child depending on their family's circumstances.
Parents and caregivers could add to the account as and when they wanted, and the money could not be withdrawn until the child turned 18. The long term tax-free savings pots were created for every child born between September 1 2002 and January 2 2011. The savings are held in banks, building societies or other saving providers and the money stays in the account until it’s withdrawn or re-invested. And it is believed that hundreds of thousands of accounts continue to remain unclaimed. In a new post on X on Tuesday, HMRC said: '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.' Further guidance found on an accompanying link explains that people can use an online Gov.uk tool to find out their Child Trust Fund provider. After using the online tool, HMRC will send you a letter containing the details of the Child Trust Fund provider, usually within three weeks of your initial request. If you don't receive a response within six weeks, you should write to HMRC and include your reference number if you have one
CHILD TRUST FUND TAX-FREE SAVINGS UNCLAIMED MONEY HMRC CHRISTMAS BOOST
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