People across the UK born between 2002 and 2006 are being urged to claim £2,200 from His Majesty’s Revenue and Customs (HMRC).
The government body has issued a reminder to anyone who falls into this age category to cash in their Child Trust Fund as it could be worth thousands.
Child Trust Funds are long-term tax-free savings accounts that were set up for children born between September 1, 2002 and January 2, 2011.
Up to 9,000 per year can be added to an existing account and the money belongs to the child, although they can start withdrawing funds from it once they turn 18.
When a child turns 18 the Child Trust Fund matures and they automatically take over the account, and no more money can be added.
They then have the option to either take out the money or transfer it to an adult ISA, and the Child Trust Fund will then close. But until the money is withdrawn or transferred, it stays in an account that no one else has access to.
The Child Trust Fund scheme closed in 2011 but HMRC is urging anyone who still has one of these accounts, and has now turned 18, to cash it in as it could be worth up to £2,200.
In a post on X, HMRC said: “If your child is between the ages of 18 and 22, they can cash in their Child Trust Fund. The average amount claimed is £2,200. Find out more on GOV.UK.”
To track down a Child Trust Fund, you can contact the fund provider directly if you know who the account is with, or if not, you can ask your parent or guardian.
You can also ask HMRC to find a trust fund and they can tell you where the account was originally opened. To do this you must be:
You’ll be asked to provide your National Insurance number and if you’re a parent or guardian looking for a child’s trust fund, you’ll need:
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the child’s full name, address and date of birth
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any previous names you or the child have used
You should get a letter from HMRC with details of the Child Trust Fund provider within three weeks of the government department receiving your request. If you don’t you can write to HMRC and include your reference number if you have one.
You can also use the online form to ask HMRC where the trust fund is, or request the details by post to the following address: Charities, Savings and International 1, HMRC, BX9 1AU.
You should receive a letter from HMRC with details of the Child Trust Fund provider within three weeks of HMRC getting your request. If you’ve adopted a child or a court has given you parental responsibility for them, you’ll get a letter asking for more information.
