HM Revenue and Customs has said around 430,000 young adults could be set for a windfall
The Government has urged half a million adults to claim a cash lump sum which could be worth thousands. HM Revenue and Customs has said around 430,000 young adults aged between 18 and 21 have an unclaimed Child Trust Fund, which are worth £2,000 on average.
This means people born between 2002 and 2005 may be eligible for a large sum of cash without knowing it, as reported by Derby Telegraph. Child Trust Funds are long-term tax-free savings accounts that were set up for children born between September 1, 2002, and January 2, 2011. The government provided an initial minimum deposit of at least £250, and funds can be withdrawn once the child turns 18. A total of £9,000 each year can be added to an existing Child Trust Fund account.According to HMRC, there are currently 5.3 million open Child Trust Fund accounts, which young people aged 16 or over can take control of - although the funds can only be withdrawn once they turn 19.
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. It could make a real difference to their future plans.”You can use the online form to ask HMRC where the trust fund is, or request the details by post to the following address: Charities, Savings and International 1, HMRC, BX9 1AU.
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