Overview

• HMRC has renewed calls for young people born between 2002 and 2011 to check if they have unclaimed Child Trust Funds, which average £2,200 per account.
• An estimated £1.4 billion remains unclaimed across 728,000 accounts set up under the UK government’s Child Trust Fund scheme, which ended in 2011.
• A free online tool provided by HMRC allows individuals over 16 or parents to locate their Child Trust Fund accounts by submitting personal details.
• The government is cautioning against third-party agents charging high fees to trace funds, emphasizing the availability of its no-cost service.
• Eligible individuals can take control of these tax-free savings accounts at age 16 but can only withdraw funds once they turn 18.