HMRC urges 671,000 people aged 18 to 22 to check if they can get £2,200

Child Trust Funds were launched by Labour successful 2005 and were offered to children calved betwixt September 1, 2002 and January 2, 2011 - the mean cookware is worthy £2,212

HMRC is urging thousands of young radical to cheque if they could person forgotten savings sitting successful a Child Trust Fund account.

New figures released from the taxation bureau amusement much than 670,000 radical aged 18 to 22 person yet to assertion their Child Trust Fund. The mean savings cookware is worthy £2,212. Child Trust Funds were launched by Labour successful 2005 and were offered to children calved betwixt September 1, 2002 and January 2, 2011.

Each kid received a voucher worthy £250, oregon £500 for those from little income families. Families could past adhd up to £9,000 a year, with the kid capable to entree the wealth erstwhile they crook 18. If the genitor failed to unfastened a Child Trust Fund wrong a twelvemonth of receiving a voucher, HMRC would person opened an relationship connected behalf of the child.

This means galore accounts person been forgotten astir and are lying dormant. Child Trust Fund accounts tin nary longer beryllium opened, aft the strategy stopped successful 2011 - but you tin proceed to wage into existing accounts.

Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: “Thousands of Child Trust Fund accounts are sitting unclaimed – we privation to reunite young radical with their wealth and we’re making the process arsenic elemental arsenic possible. You don’t request to wage anyone to find your Child Trust Fund for you, find yours contiguous by searching ‘find your Child Trust Fund’ connected GOV.UK.”

How to find a mislaid Child Trust Fund account

If you cognize the sanction of your Child Trust Fund provider, you tin interaction it straight to find retired much astir your account. If you've mislaid way of your account, you tin inquire HMRC to assistance you find it by filling retired a signifier connected GOV.UK. You tin inquire HMRC to find a Child Trust Fund if you’re a genitor oregon guardian of a kid nether 18, oregon if you’re 16 oregon implicit and looking for your ain account.

You volition request your National Insurance fig and Government Gateway - this is escaped to make - to capable retired the online form. Once you've entered the close information, HMRC should archer you the sanction of the Child Trust Fund supplier wrong 3 weeks.

You tin besides petition details by station by penning to: Charities, Savings and International 1, HMRC, BX9 1AU. Try to see arsenic galore details arsenic possible, specified arsenic the afloat name, day of commencement and code of the relationship holder, positive their National Insurance number.