HM Revenue and Customs (HMRC) is encouraging nearly 430,000 18 to 21-year-olds with an unclaimed Child Trust Fund, worth an average of £2,000, to claim their cash as part of UK Savings Week, which runs until Sunday, September 24.
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.
Many children from low-income families or in local authority care received an additional amount of £250. Funds can be withdrawn once the account matures when the child turns 18, however, some young adults - or their parents - may have forgotten about their accounts or be unaware one was set up for them.
Young adults and parents can search on GOV.UK to find out where their Child Trust Funds account is held. Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, said: “Many 18-21 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 Trust Fund.Read more on dailyrecord.co.uk
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