HMRC is sending letters to thousands of young people who could be owed more than £2,000 in forgotten Child Trust Funds (CTFs). These long-term, tax-free savings accounts were set up for children born between September 2002 and January 2011.
Unclaimed Funds Total £1.5 Billion
An estimated £1.5 billion remains unclaimed across 750,000 accounts, despite two-thirds of the six million recipients now being over 18 and eligible to access their funds. As part of a new awareness campaign, the government will write to all 21-year-olds with an unclaimed account to help them access their savings, which average £2,200.
How to Claim Your Child Trust Fund
Young people are advised to search 'find your child trust fund' on Gov.uk or use the free Share Foundation tool. They should avoid third-party agents who charge high fees.
While welcoming the move, the Share Foundation has urged the government to go further by automatically releasing funds to owners when they turn 21, noting CTFs have been replaced by Junior ISAs.
