Over half a million young people are yet to lay claim to Child Trust Funds worth
an average of £2,212, HMRC has said.
Child Trust Funds are long term, tax-free savings accounts which were set up,
with the government depositing £250, for every child born between 1 September
2002 and 2 January 2011.
Young people can take control of their Child Trust Fund at 16 and withdraw funds
when they turn 18 and the account matures.
The savings are not held by the government but are held in banks, building
societies or other saving providers. The money stays in the account until it's
withdrawn or re-invested.
If teenagers or their parents and guardians already know who their Child Trust
Fund provider is, they can contact them directly. If they do not know where
their account is, they can use the online tool on GOV.UK to find out their Child
Trust Fund provider.
Angela MacDonald, HMRC's Second Permanent Secretary and Deputy Chief Executive,
said:
'Thousands of Child Trust Fund accounts are sitting unclaimed – we want to
reunite young people with their money and we're making the process as simple
as possible.
'You don't need to pay anyone to find your Child Trust Fund for you, locate
yours today by searching 'find your Child Trust Fund' on GOV.UK.'
Internet link: GOV.UK