HMRC Urges Young Adults to Claim Unclaimed Child Trust Funds

HM Revenue and Customs has issued an alert urging young adults born between September 1, 2002, and January 2, 2011, to locate unclaimed Child Trust Funds. Officials estimate that more than 750,000 individuals may be missing out on tax-free savings worth an average of £2,200.

These accounts were established with initial government contributions of £250, or £500 for those from lower-income backgrounds. While banks and building societies hold the funds, many account holders remain unaware of their existence. Over 450,000 people have used the official government tool on GOV.UK in the past year to trace their accounts.

The agency warns against using third-party agents who charge fees to track these funds, noting that the official search process is free and requires only a date of birth and National Insurance number. The Share Foundation has supported this effort by linking over 65,000 young people to their respective accounts.