HMRC is urging people born between these years to check if they are owed £2,000

11 October 2023 , 10:57

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430,000 young people currently have an unclaimed Child Trust Fund

Thousands of young people in the UK are being urged to check if they can claim £2,000 from HMRC.

The Government's tax body says around 430,000 people ages between 18 and 21 years have an unclaimed Child Trust Fund worth around £2,000 on average. It means that those born between 2002 to 2005 may be eligible for a payout.

Child Trust Funds were offered to children born between September 1, 2002 and January 2, 2011, having been launched by Labour back in 2005. Each child received a voucher worth £250, or £500 for those from lower-income families. Families could then add up to £9,000 a year, with the child able to access the money when they turn 18.

According to HMRC, there are currently 5.3 million open Child Trust Fund accounts, which young people aged 16 or over can take control of - although the funds can only be withdrawn once they turn 19.

Have you discovered forgotten cash in a Child Trust Fund? - Let us know: [email protected]

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More than 500,000 matured Child Trust Fund accounts have been claimed or transferred into an ISA since the oldest children in the scheme turned 18 in September 2020. Anyone who is still yet to claim their savings could be owed a few thousand in cash from HMRC.

How to find a Child Trust Fund account

You can ask HMRC to find a Child Trust Fund if you’re:

• a parent or guardian of a child under 18
• 16 or over and looking for your own trust fund

If you know the name of your Child Trust Fund provider, you can contact it directly to find out more about your account. However, if you've lost track of your account, you can ask HMRC to help you locate it by filling out a form on GOV.UK.

To find it, you will need your National Insurance number and a Government Gateway account- this is free to create - to fill out the online form. Once you've entered the right information, HMRC should tell you the name of the Child Trust Fund provider within three weeks. If you’ve adopted the child or a court has given you parental responsibility for them, you’ll get a letter asking for more information.

You can also request details by post by writing to: Charities, Savings and International 1, HMRC, BX9 1AU. You should try to include as many details as possible, such as the full name, date of birth and address of the account holder, plus their National Insurance number.

Child Trust Fund accounts can no longer be opened, after the scheme stopped in 2011 - but you can continue to pay into existing accounts.

Ruby Flanagan