HMRC could owe people born between 2002 and 2011 free £2,000 lump sum
HMRC could owe people born between 2002 and 2011 money. HMRC could owe you money if you were born between these two dates because if you're aged between 18 and 22, there's a chance you have a lost Child Trust Fund (CTF).
They were available for children born between 1 September 2002 and 2 January 2011. Children got free cash vouchers from the state of up to £250 (or £500 if you were on a low income) to be added to their Child Trust Fund. Though children born in the last six months of the scheme may have received as little as £50 from the state.
Child Trust Funds are no longer available to new account holders as they were replaced by junior ISAs for kids born on or after 3 January 2011. But anyone who still holds a CTF is able to keep paying in. Gavin Oldham from The Share Foundation says: "If you are 18-21 years old, the government would have put money aside for you shortly after birth.
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"This investment would have grown quite a bit and it's in your name." To reclaim your CTF, you'll need to know which bank, building society or investment provider it's with. Use HMRC's tool (you will need to log in using a 'Government Gateway ID') and fill in your (or your child's) details.
You should hear from HMRC within three weeks. Money Saving Expert warns on its website: "You don't need to use a claims firm. We issued a warning back in October after seeing some firms offering to trace accounts and charging £100s for the service, with some targeting teens and young adults with ads online and via social media.
"Follow the steps above and you should be able to do this easily yourself for free – so avoid these firms."