HMRC Urges 760,000 Young People to Claim Forgotten Savings

Her Majesty's Revenue and Customs is urging individuals born between 2002 and 2011 to locate and claim forgotten Child Trust Funds. Government data indicates that approximately 760,000 matured accounts remain unclaimed, with an average value of £2,240 per account.

The Child Trust Fund was a government-backed scheme designed to provide tax-free savings for children, which become accessible once the account holder turns 18. To facilitate recovery, the agency has provided a free online tracing tool on GOV.UK for those aged 16 to 24, as well as parents or guardians of children under 18. Users can locate their funds using a date of birth and National Insurance Number.

Officials from the tax authority and the Financial Conduct Authority have issued warnings against using third-party claims firms to locate these accounts. They emphasize that tracing and accessing the funds is a free process that can be performed independently, cautioning the public against paying fees to firms for a service provided for free by the government.