Over 750,000 people could be owed thousands of pounds and not know about it
How to find out if you are owed thousands of pounds by HMRC
- Approximately 758,000 young adults in the UK, aged 18 to 23, have yet to claim their matured Child Trust Funds.
- Each unclaimed fund holds an average of £2,242, representing a significant sum for young people starting their financial lives.
- These tax-free savings accounts were established for children born between September 2002 and January 2011, with an initial government deposit.
- HM Revenue and Customs (HMRC) encourages eligible individuals to use the 'find my child trust fund' tool on gov.uk to locate their savings.
- Once located, the funds can be withdrawn or transferred into an adult ISA without impacting the annual ISA allowance.