HMRC says people born between these years could have £2,000 they don’t know about

Pound notes in a piggy bank
-Credit:PA


Families are being urged to check if anyone in their household is due £2,000 or more which may be sitting in an account they don't know about.

HM Revenue and Customs (HMRC) says people born between two dates could have the cash if they were beneficiaries of the Child Trust Fund. The department explained on X, formerly Twitter, that people born between September 1, 2002, and January 2, 2011, could have a Child Trust Fund, which can be cashed in as soon as they turn 18.

A Child Trust Fund is a long-term tax-free savings account for children born between the two dates. The Government deposited £250 for every eligible child, with the money only able to be withdrawn once the child turned 18. The savings are kept in building societies, banks, and other saving providers and the money stays in the account until it’s withdrawn or re-invested.

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It is thought that hundreds of thousands of accounts continue to remain unclaimed. It is believed that 6.3 million accounts were opened and the government paid £2 billion into CTFs, reports the Liverpool Echo.

People who know who their account is with should contact them directly. Those who are unaware of their provider should ask their parent or guardian.

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There is also the option to ask HMRC to find a Child Trust Fund provider. They can share where the account was originally opened. The HMRC offers a free tool to help check a Child Trust Fund provider here.

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Those using the tool should have their National Insurance number and adoption details if they apply. Parents wishing to check should have their child's full name, address and date of birth. Previous names and a National Insurance number is also required if those apply.

People who use the tool will receive a letter from HMRC around three weeks later. This will include the details of the Child Trust Fund provider.