HMRC urges nearly 430,000 young people to claim Child Trust Fund cash

    Luke Mudd
    19th October 2023
    Home » Categories » Tax » HMRC urges nearly 430,000 young people to claim Child Trust Fund cash

    HMRC has urged almost 430,000 young people with an unclaimed Child Trust Fund (CTF) to claim their cash.

    CTFs are tax-free savings accounts that were created for every child born between 1 September 2002 and 2 January 2011. The government contributed an initial deposit of at least £250. Family and friends can contribute up to a maximum of £9,000 in any one year into an existing CTF account.

    CTF accounts began to mature in September 2020 when the first children turned 18. 

    HMRC revealed that there are currently 5.3 million open CTF accounts, and that more than 500,000 matured CTF accounts have been claimed or transferred into an ISA since September 2020.

    Angela MacDonald, Deputy Chief Executive at HMRC, said:

    ‘Many 18–21-year-olds are starting out in first jobs or apprenticeships, starting university or moving into their first home and their CTF is a pot of money with their name on.

    ‘I would encourage young people to use the online tool to track it down or, for parents of teenagers, to speak to them to ensure they’re aware of their CTF. It could make a real difference to their future plans.’

    Internet link: HMRC website

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    Chancellor unveils plan to cut red tape

    Chancellor Rachel Reeves has unveiled plans to cut red tape as the government aims to kickstart economic growth. The government says its Action Plan will save businesses across the country…

    Finance Act 2025 receives Royal Assent

    The first Finance Act of the Labour government has gained Royal Assent and passed into law. The Finance Act 2025 makes major changes to the tax rules for non-doms, removes…

    Spring Statement Summary 2025

    Spring Statement – 26 March 2025 Having set herself ‘iron-clad’ fiscal rules and the goal of holding a single fiscal event each year, the Chancellor was in a difficult position…