HMRC is advising parents to verify if their child possesses an overlooked savings account valued at £2,200. The advisory pertains to Child Trust Funds which were allocated to children born between September 1, 2002, and January 2, 2011.
Each child received a voucher worth £250, or £500 for those from lower income households, with the aim of promoting saving habits within families. Parents had the option to contribute up to £9,000 annually to the Child Trust Fund. In cases where parents did not open the fund, HMRC would have initiated one on behalf of the child, leading to many of these accounts being misplaced or forgotten.
Recent data from HMRC reveals that the average Child Trust Fund holds a value of £2,200, though individual amounts may vary based on contributions made.
In a social media post on Twitter, HMRC alerted parents that children who have turned 18 might possess a Child Trust Fund, averaging £2,200. While new accounts cannot be established, existing accounts can still be funded. Access to the Child Trust Fund is only granted once the child reaches 18 years old.
To obtain more information about a Child Trust Fund, individuals can directly contact the fund provider if known. For lost or forgotten accounts, HMRC can assist in locating them by completing a form on GOV.UK.
Parents or guardians of children under 18, or individuals aged 16 and above seeking their own account, can request HMRC’s help in finding a Child Trust Fund. When filling out the online form, details such as full name, date of birth, account holder’s address, National Insurance number, and Government Gateway ID are required. Alternatively, information can be requested by mail to the address provided.
An accounting and finance student, Tayo Olutunde, residing in Leeds, recently discovered a Child Trust Fund exceeding £2,000 after initially hearing about it on social media platform TikTok. Tayo shared his experience, mentioning how he stumbled upon the fund and eventually confirmed its existence through his mother.
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