HMRC says people born between these dates could be owed cash payout worth £2,000
HMRC is urging Brits born between these years to check if they're owed cash - potentially up to £2,000.
The tax office urged people to check in a post on X, formerly Twitter, sharing that people who were born between September 1 2002, and January 2, 2011, could have cash sitting in a Child Trust Fund which they may not know about. Child Trust Funds were launched by Labour in 2005 and were offered to children born between 2002 and 2011.
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 into the fund with the child able to access the money when they turn 18. If the parent failed to open a Child Trust Fund within a year of receiving a voucher, HMRC would have opened an account on behalf of the child. This means many accounts could be lying dormant.
In its post, HMRC said: “Were you born between 1 Sep 2002 and 2 Jan 2011? Check if you have forgotten savings in a Child Trust Fund – worth around £2,000 on average (T&Cs apply).” Alongside the post, the tax office shared a video of an animation which said: "You could have forgotten savings of around £2,000 in an old Child Trust Fund. It's yours to cash in!"
Have you discovered forgotten cash in a Child Trust Fund? - Let us know: [email protected]
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The Child Trust Fund scheme ended in 2011 and you can no longer open accounts but you can continue to pay into existing ones. According to the tax office, 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open Child Trust Fund accounts, which young people aged 16 or over can take control of - although the funds can only be withdrawn once they turn 19. The latest HMRC figures show the average amount of unclaimed cash in these accounts is worth around £2,000.
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. If you don't have an account already, don't worry as it is completely free to create, you can then 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 of the account and the date it was opened.
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