HMRC urge 18 to 21-year-olds in Lanarkshire to claim Child Trust Fund cash as part of UK Savings Week

dailyrecord.co.uk:

Eighteen to 21-year-olds across Lanarkshire with an unclaimed Child Trust Fund are being urged by HM Revenue and Customs (HMRC) to claim their cash as part of UK Savings Week.Child Trust Funds are long-term, tax-free savings accounts and were set up for every child born between September 1, 2002, and January 2, 2011, with the UK Government contributing an initial deposit of at least £250.Funds can be withdrawn once the account matures when the child turns 18.The Lanarkshire Live app is available to download now.

Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android A recent student survey conducted by UCAS asked first and second-year university students about Child Trust Funds and the results showed that they were most interested to know how much money was in their account (43 per cenrt) and how to claim it (32 per cent).

Young adults and parents can search on GOV.UK to find out where their Child Trust Fund account is held. Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, told Lanarkshire Live: "Many 18 to 21-year-olds are starting out in first jobs or apprenticeships, starting university or moving into their first home and their Child Trust Fund is a pot of money with their name on."I would encourage young people to use the online tool to track it down or, for parents of teenagers, to speak to them to ensure they’re aware of their Child