HM Revenue and Customs (HMRC) is encouraging people to « unlock » a financial boost, as hundreds of thousands of individuals may be eligible for a lump sum averaging approximately £2,212.
HMRC revealed earlier this year that over half a million people had still not claimed what was rightfully theirs. These financial reserves were established as part of an initiative by a former Labour administration in 2005.
The Government provided an initial contribution of £250, or £500, per child based on their family’s financial situation.
Parents and guardians were able to contribute additional funds to the account whenever they chose, with the money remaining inaccessible until the child reached 18.
These long-term tax-free savings accounts were established for every child born between September 1, 2002, and January 2, 2011.
The Child Trust Funds are held with banks, building societies or alternative savings institutions and the money remains in the account until it is withdrawn or reinvested. In September, HMRC said some 758,000 people were yet to claim theirs.
People can use this online Gov.uk service to locate their Child Trust Fund provider. You’ll need your National Insurance number and adoption details if this is applicable.
If you are a parent or carer looking for your child’s trust fund, you’ll need their full name, address and date of birth, as well as any previous names you or the child have used.
Following use of the online service, HMRC will post you correspondence containing the Child Trust Fund provider details, typically within three weeks of your original enquiry.
If you don’t receive a response within six weeks, you should pen a letter to HMRC and include your reference number if you have one.
