HMRC has urged Brits of a certain age group to check if they’re eligible for thousands of pounds of unclaimed cash.
HMRC is launching a campaign to raise awareness of the unclaimed cash (Image: Getty)
Young people aged between 18 and 23 have been urged to claim their Child Trust Fund savings account – each worth around £2,240. The latest figures from HMRC suggest around 750,000 Brits have yet to claim the tax-free savings accounts, which were set up for children born between September 1, 2002, and January 2, 2011. Each account received an initial Government contribution of between £250 to £500, with an annual deposit allowance of £9,000 and the funds locked until their holders turn 18.
Angela MacDonald, HMRC‘s Second Permanent Secretary and Deputy Chief Executive, said: “If you’re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today.”
HMRC has urged people born between the specified dates to claim their accounts (Image: Getty)
Child Trust Funds were introduced by the Labour Government in 2005 to provide them with financial support upon entering adulthood, before being replaced by Junior ISAs in 2011.
The current Government confirmed plans to launch an extensive awareness campaign urging young people to claim their accounts this week, primarily targeting 21-year-olds in the hopes that they will be more receptive to HMRC communications than their younger counterparts.
Lucy Rigby, Economic Secretary to the Treasury, said the funds locked in the accounts – which average £2,240 – could make a big difference to those in the eligible age group.
“Hundreds of thousands of young people in this country don’t know they have a Child Trust Fund, let alone how to access it,” she said.
“Some will have a couple of thousand pounds sat there that would really help them as they begin adult life. I’m determined that those who have Child Trust Funds are made aware they have this money.
“Together, we will ensure funds from these Child Trust Funds can be accessed by young people to help give them the best start to adult life.”