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HMRC Issues Urgent 'Claim Your £2,242' Message to People of a Certain Age
HM Revenue and Customs says 758,000 young adults have unclaimed child trust funds averaging £2,242 each, with over 563,000 already searching for their accounts online.
- HMRC warned 758,000 young adults they may have unclaimed Child Trust Fund savings worth an average of £2,242 each.
- Child Trust Funds were established for children born between September 1, 2002 and January 2, 2011 with initial government deposits; the scheme closed on January 2, 2011 and accounts mature at 18.
- To retrieve an account, users need their National Insurance number and date of birth to use the GOV.UK locator tool; submitting a request takes about five minutes and most hear back within three weeks.
- Experts said reconnecting young people with missing savings can aid their financial starts, as Angela MacDonald warned `If you’re between 18 and 23, you could be sat on a savings payout and not even realise it.`
- HMRC urges 18 to 23-year-olds to claim their matured Child Trust Funds, with accounts held by banks or providers, transferring to an adult Isa won't impact the 20,000 allowance.
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Total News Sources12
Leaning Left1Leaning Right1Center6Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
13%
C 75%
12%
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