Warning to anyone born after 2002 with a Child Trust Fund

Thousands of young people could be missing out

Young people across the UK are being encouraged to check if they have a Child Trust Fund using a free online tool, amid warnings about companies charging hefty fees to locate the funds.

These accounts reach maturity when the beneficiary turns 18, allowing them to either withdraw the funds or transfer them into an Individual Savings Account . The Low Incomes Tax Reform Group has raised concerns about firms approaching young people on social media, offering to find and access their CTFs for a charge, which could end up costing hundreds of pounds unnecessarily.

Joanne Walker, LITRG Technical Officer, highlighted the issue, stating: "There are many young people who are not aware they have a Child Trust Fund. Their parent or guardian may not have taken up the government's offer when they were born, but HMRC would have opened an account on their behalf", reports Wales Online.

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