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HMRC have urged 18 to 23 year olds to claim their matured Child Trust Funds as 758,000 remain unclaimed.
In a recent press release, HMRC have urged young people to claim their matured Child Trust Funds (CTFs). Latest figures reveal that there are 758,000 CTFs that remain unclaimed, with the average account being worth more than £2,240.
CTFs are long-term, tax-free savings accounts, set up for children born between 1 September 2002 and 2 January 2011 with the Government making an initial deposit of £250. At 16, the child can take control of their account and once it matures at ages 18, they can decide whether to withdraw the money or reinvest it.
With September being the most common birth month, many 18 year olds are now eligible to claim their CTF pot but may not even realise it. Anyone aged between 18 and 23 is being urged to find their account by using the GOV.UK locator tool or if they are aware of their CTF provider, to contact them directly.
Source: Techlink Professional. This is a news bulletin and is up-to-date as of the date of publishing. Please check the publishing date at the top of the article.
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Approved by 2plan wealth management Ltd on 20/05/2025
