THOUSANDS of Brits born between two dates could be missing out on £2,000 or more they’ve forgotten to claim.
HM Revenue and Customs (HMRC) said that money could have been forgotten and is now sitting untouched in people’s bank accounts.
Explaining the possible reason behind this, the government body explained that everyone born between September 1, 2002, and January 2, 2011 may be in this scenario since they were Child Trust Fund beneficiaries.
And, while people received the money, the HMRC said that it could have been forgotten and might be vital money for education and university.
It revealed that about 430,000 people aged 18 to 21 are unaware that they have money in an unclaimed Child Trust Fund.
A statement posted on the official X/Twitter read: “Were you born between 1 Sep 2002 and 2 Jan 2011? Check if you have forgotten savings in a Child Trust Fund – worth around £2,000 on average (T&Cs apply).”
Child Trust Funds are long-term, tax-free savings accounts for children born between the above dates.
The government makes an initial deposit of £250 into the account, and you may continue to add up to £9,000 every year.
You are not required to pay taxes on the income or profits earned, and it will have no effect on any benefits or tax credits you get.
The Child Trust Fund initiative expired in 2011.
People who are unsure where the account is stored can utilise the HMRC to locate it since they can describe where the account was first established.
Anyone looking for their Child Trust Fund can use this online tool.
You can use it if you are a parent or guardian of a child under 18 or 16 or older and seeking for your own trust fund.
And those using the above finder will need to provide their National Insurance number.
They will also need your adoption information if they apply.
Parents or guardians seeking for a child’s trust fund will require the child’s complete name, address, and date of birth, as well as any former names you or the child may have used.
You will get a letter from HMRC with information on the Child Trust Fund provider. HMRC normally responds within three weeks of receiving your request. If you do not receive an answer within three weeks, you may write to HMRC. Include a reference number if you have one.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: “Many 18-21 year olds are starting out in first jobs or apprenticeships, starting university or moving into their first home and their Child Trust Fund is a pot of money with their name on.
“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.”
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
