HMRC has issued a warning that teenagers may be missing out on unclaimed funds in Child Trust Fund accounts with help to trace any missing child trust fund cash.
Child Trusts Funds (CTF) were tax free savings plans available for children born between 1 September 2002 and 2nd January 2011.
If a CTF was not opened for a child, the Government automatically opened one for the child and registered it at the child’s address. Many children and now adults may not even know they have a child trust fund.
Child Trusts Funds mature when a child reaches 18 years old, and they can cash in or transfer to an ISA if they choose . The first accounts started maturing in September 2020 and continue to do so.
HMRC suggests that the average Child Trust Fund now holds £2,100 and hundreds of accounts remain untouched, no contact details or ‘lost’.
Trace a Child Trust Fund
HMRC has a tracing service if you are a parent of a CTF owner or you are the owner of a CTF at https://www.gov.uk/child-trust-funds/find-a-child-trust-fund