HMRC is advising parents to check if their child may have an overlooked savings account valued at £2,200. The alert pertains to Child Trust Funds, which were provided to children born between September 1, 2002, and January 2, 2011. Each child received a voucher worth £250, or £500 for those from lower-income families, with the aim of promoting saving habits within families.
Parents had the option to add up to £9,000 annually to the Child Trust Fund. In cases where the parent did not open the account, HMRC would have initiated one on the child’s behalf, leading to many of these accounts being neglected or forgotten.
Recent data from HMRC indicates that the average value of a Child Trust Fund is £2,200. HMRC highlighted on Twitter that children who have turned 18 may possess a Child Trust Fund averaging £2,200. While new Child Trust Funds cannot be opened, contributions can still be made to existing accounts, with access only available once the child reaches 18.
Individuals can reach out directly to their Child Trust Fund provider if they know the provider’s name to obtain further information. For those who have lost track of their account, HMRC can assist in locating it by completing a form on GOV.UK. Parents or guardians of children under 18, or individuals aged 16 and above searching for their own account, can request HMRC’s help in finding a Child Trust Fund.
To submit the online form, individuals will require their National Insurance number and Government Gateway ID. Alternatively, details can be requested by post from: Charities, Savings and International 1, HMRC, BX9 1AU. It is advised to provide comprehensive details such as full name, date of birth, address of the account holder, and National Insurance number.
A story featured in the Mirror recounted how Tayo Olutunde, a 22-year-old accounting and finance student residing in Leeds, discovered a Child Trust Fund exceeding £2,000. Tayo shared, “I found out about Child Trust Funds on TikTok about two years ago. I was intrigued but skeptical, so I left it. Recently, I discussed it with my mum, who confirmed the account’s existence.”
This website uses cookies and other identifiers to enhance user experience, analyze site usage, and deliver personalized advertisements. Users can opt out of data sharing by clicking the “Do Not Sell or Share my Data” button on the webpage. By using the website, users consent to the utilization of cookies and agree to the practices outlined in the Privacy Notice and Cookie Policy.
