HMRC urges 758,000 adults to check if they have unclaimed child trust fund

"The tax collection department says that around 758,000 young adults have yet to claim their child trust funds, worth 2,240 on average. These funds are long-term, tax-free savings set up for every child born between 1 September 2002 and 2 January 2011. The government deposited 250 in each, with those in low-income families or in local authority care receiving an additional 250. Young people can take control of this account at 16 and withdraw funds when they turn 18."

"HMRC said the average child trust fund is worth 2,240 (PA Archive) Angela MacDonald, HMRC's second permanent secretary and deputy chief executive, said: If you're between 18 and 23, you could be sat on a savings payout and not even realise it. Just search find my Child Trust Fund' on GOV.UK to find your savings account today. A child's parent or guardian can also pay up to 9,000 a year into the account. Many still do this, but"

Thousands of young adults may hold unclaimed Child Trust Funds established for children born between 1 September 2002 and 2 January 2011. The government initially deposited 250 into each account, with an extra 250 for children in low-income households or local authority care. Accounts become controllable at age 16 and funds are withdrawable at 18. HMRC reports the average fund is worth 2,240 and urges 18- to 23-year-olds to search for their accounts on GOV.UK. Parents or guardians can contribute up to 9,000 a year into existing accounts, and many continue to do so.

Read at www.independent.co.uk