News In 5 Minutes

News When You Want It

One million Britons could be owed £2,000 from the Government – have you checked? | Personal Finance | Finance

The first Child Trust Funds were launched in 2005 and were given to every child born on or after September 1, 2002 by HM Revenue and Customs (HMRC). Although these have now matured, figures show that many are left unclaimed with up to one million British people missing out on free cash.

The good news is that all is not lost and these CTFs can still be tracked down.

Data from OneFamily shows that accounts maturing over the last year were worth on average £2,000.

It said that while six million young people in the UK have a child trust fund, one in six accounts are dormant or don’t have up-to-date contact details.

It’s now urging Britons to track down lost CTFs by signing up to the CTF register.

If you do not know the Child Trust Fund provider, you can ask HM Revenue and Customs (HMRC) to find out where the account was originally opened by either:

  • Filling in a form online – you’ll need to create a Government Gateway user ID and password if you do not have one
  • Or requesting the details by post.

The Child Trust Fund scheme closed in 2011 but Britons can now set up a Junior ISA instead.

Source link