More than 750,000 young adults missing out on thousands – here’s how to check and claim
What to know about Child Trust Funds – and if you are owed thousands
- Over 750,000 young adults in the UK are currently missing out on an average of £2,242 from unclaimed Child Trust Funds (CTFs), according to HMRC.
- CTFs are long-term, tax-free savings accounts established by the government for children born between 1 September 2002 and 2 January 2011, with an initial deposit of £250 or £500.
- Young people can take control of their CTF at age 16 and withdraw the funds when they turn 18, with many accounts growing significantly due to interest.
- HMRC advises individuals to use the free Gov.uk service or The Share Foundation's tool to locate lost CTFs, warning against third-party agents who charge high fees.
- Once accessed, the funds can be withdrawn for various uses, such as education or housing, or transferred into an adult ISA without affecting the annual allowance.
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