HMRC Urges 750,000 Young People to Claim Child Trust Funds

HM Revenue and Customs (HMRC) is urging more than 750,000 young people to claim dormant Child Trust Fund accounts. These tax-free savings accounts, which hold an average of £2,200, were established for every child born between September 1, 2002, and January 2, 2011, starting with an initial government deposit of £250.

Eligible individuals, currently aged 15 to 23, can access the funds once they reach age 18. The government is directing these account holders to use an online search tool on GOV.UK to identify the specific bank or building society holding their funds.

The Treasury is coordinating with industry providers to streamline the recovery process for those unaware of their accounts. This initiative aims to improve coordination between the government and financial institutions to ensure young people can more easily claim their rightful assets.