{"id":113772,"date":"2025-10-12T12:00:00","date_gmt":"2025-10-12T11:00:00","guid":{"rendered":"https:\/\/en.econostrum.info\/uk\/?p=113772"},"modified":"2025-10-12T14:54:42","modified_gmt":"2025-10-12T13:54:42","slug":"hmrc-ow-to-claim-your-child-trust-fund","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/uk\/hmrc-ow-to-claim-your-child-trust-fund\/","title":{"rendered":"HMRC Has \u00a310000 Waiting for You How to Claim Your Child Trust Fund"},"content":{"rendered":"\n

Across the UK, HMRC<\/strong> has revealed that many families are missing out on significant amounts of money, some of which could be as much as \u00a310,000 or more, tied up in unclaimed Child Trust Funds (CTFs). According to recent data from the Labour Party, approximately 758,000 young people<\/strong> are affected by this issue, with many of the funds remaining unnoticed or forgotten by both parents and the individuals themselves. <\/p>\n\n\n\n

A report from the Birmingham Mail<\/a><\/strong> highlights how easy it is for families to lose track of these accounts, and how simple it can be to reclaim the money. If you’re aged 18 to 23, there could be funds waiting for you to claim.<\/p>\n\n\n\n

What Are Child Trust Funds and Who Is Eligible?<\/h2>\n\n\n\n

Child Trust Funds (CTFs) were government-initiated, long-term, tax-free savings accounts set up for children born between September 1, 2002<\/strong>, and January 2, 2011<\/strong>. These accounts were designed to encourage savings, with the government initially depositing at least \u00a3250<\/strong> into each account.<\/p>\n\n\n\n

Parents had a 12-month window<\/strong> to set up their child\u2019s CTF, but in cases where parents did not act within that time frame, the government automatically opened an account for the child. According to Charlene Young<\/strong>, senior pensions and savings expert at AJ Bell, <\/p>\n\n\n\n

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Many lost CTFs will be because parents and children aren’t even aware they have the account, don\u2019t know which provider the money is with or how to track it down.<\/p>\n<\/blockquote>\n\n\n\n

Moreover, over a quarter of accounts<\/strong> were set up by the government because parents missed the 12-month window to do so themselves. As Young further explains, <\/p>\n\n\n\n

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Over a quarter of accounts were set up by the Government because parents failed to do so within a 12-month window.<\/p>\n<\/blockquote>\n\n\n\n

Huge Amounts of Unclaimed Funds: What\u2019s at Stake?<\/h2>\n\n\n\n

The scale of unclaimed CTFs<\/a> is staggering. As of now, 27,000 accounts<\/strong> contain over \u00a310,000<\/strong>, while 280,000 accounts<\/strong> hold more than \u00a31,000<\/strong>, and 57,000 accounts<\/strong> contain over \u00a35,000<\/strong>. That\u2019s a substantial amount of money going unclaimed, just waiting for someone to take the necessary steps to recover it.<\/p>\n\n\n\n

\"The
Child Trust Fund. Credit: Canva<\/figcaption><\/figure>\n\n\n\n

HMRC has made it easy for young people to find their funds. All you need is the child\u2019s National Insurance number and date of birth to use the GOV.UK locator tool to find your account. The tool takes about 5 minutes to complete, and the majority of people will hear back within three weeks. This simple step could help you access a significant financial windfall.<\/p>\n\n\n\n

The Importance of Claiming Your Child Trust Fund Early<\/h2>\n\n\n\n

Young people can take control of their CTF accounts when they turn 16<\/strong>, but once they reach 18<\/strong>, the account matures, giving them full access to the funds. At this point, they can either withdraw the money or choose to reinvest it, allowing the savings to continue growing.<\/p>\n\n\n\n

According to Angela MacDonald<\/strong>, HMRC<\/a>\u2019s second permanent secretary and deputy chief executive, <\/p>\n\n\n\n

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If you\u2019re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search \u2018find my Child Trust Fund\u2019 on GOV.UK to find your savings account today.<\/p>\n<\/blockquote>\n\n\n\n

This highlights the importance of acting quickly. It\u2019s easy to forget about these accounts, but with so many young people missing out on these funds, it\u2019s critical that individuals check whether they are entitled to a payout.<\/p>\n\n\n\n

How HMRC Is Helping Young People Claim Their Funds<\/h2>\n\n\n\n

HMRC has partnered with the government to help young people track down their CTFs. Through the GOV.UK locator tool<\/strong>, HMRC makes it easy to locate lost accounts and reclaim what is rightfully yours. The process is free and straightforward, ensuring that there are no barriers for young people trying to access their funds.<\/p>\n\n\n\n

The tool\u2019s success is evident in its simplicity: individuals typically receive confirmation within three weeks<\/strong>. Furthermore, HMRC encourages all young people between 18 and 23<\/strong> to check for their funds, as the potential financial reward could be more significant than expected.<\/p>\n\n\n\n

Why So Many Accounts Go Unclaimed<\/h2>\n\n\n\n

One major reason for unclaimed funds is that many parents were unaware of the government deposits, especially when the accounts were opened by HMRC due to parents missing the 12-month deadline. In some cases, children and parents forget about the accounts altogether or simply don\u2019t know how to find them. These missed opportunities have left large sums of money untouched.<\/p>\n\n\n\n

The GOV.UK<\/a> locator tool is crucial in this process because it removes the guesswork and streamlines the claim process. If you think you might be entitled to money, don’t hesitate\u2014search for your Child Trust Fund<\/strong> now. It could be that \u00a310,000 or more<\/strong> is waiting for you, and HMRC<\/strong> has made it easier than ever to claim it.<\/p>\n","protected":false},"excerpt":{"rendered":"

HMRC may be holding unclaimed funds for you. Learn how to easily check if you have money waiting in a Child Trust Fund today.<\/p>\n","protected":false},"author":9,"featured_media":113773,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-113772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-social-welfare","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/113772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/comments?post=113772"}],"version-history":[{"count":2,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/113772\/revisions"}],"predecessor-version":[{"id":113775,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/113772\/revisions\/113775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/media\/113773"}],"wp:attachment":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/media?parent=113772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/categories?post=113772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/tags?post=113772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}