HM Revenue and Customs (HMRC) is urging eligible people to “unlock” a festive financial windfall, as some hundreds of thousands could be in line for an average sum of £2,212. HMRC highlighted earlier this year that over half a million people had yet to claim their due amounts.
These funds originate from a scheme launched in 2005, which saw children receive an initial £250 or £500 based on family income. Parents and guardians were then able to contribute to these accounts, which could not be accessed until the child turned 18.
The long-term, tax-free savings accounts were established for every child born between September 1, 2002, and January 2, 2011. The savings, held with various financial institutions, remain in place until withdrawn or reinvested, with many still unclaimed.
In a recent update, HMRC urged: “Unlock a boost this Christmas by cashing in your #ChildTrustFund. If you’ve turned 18 in the past few years, then you could be missing out on a cash boost.”
Further guidance found on an accompanying link explains that people can use an online Gov.uk tool to find out their Child Trust Fund provider. After using the online tool, HMRC will send you a letter containing the details of the Child Trust Fund provider, usually within three weeks of your initial request.
If you don’t receive a response within six weeks, you should write to HMRC and include your reference number if you have one.
