People who have just turned 18 urged to check if they can claim £2,212 left in forgotten accounts for a Christmas boost
Share:
HMRC is urging people who have just turned eighteen to check if they can claim around £2,212 in free cash. The department has issued a reminder for people to check if they could have a Child Trust Fund (CTF) lying around. CTFs are special tax-free savings accounts given to children by the government.
![[HMRC is urging those who have turned 18 to check if they could be entitled to around £2,212]](https://www.thesun.co.uk/wp-content/uploads/2024/12/huntingdonmarch2022220220414hmrevenuetaxreturnreminder-04055-JS939826536.jpg?strip=all&w=960)
In a recent post on social platform X, HMRC wrote: “Unlock a boost this Christmas by cashing in your #ChildTrustFund. “If you’ve turned 18 in the past few years, then you could be missing out on a cash boost.”. Many children got around £250 each from the state at the time their CTF was started.
![[They could have free cash to unlock this Christmas]](https://www.thesun.co.uk/wp-content/uploads/2024/12/1f8a2282-JS959648462.jpg?strip=all&w=960)
Those from low-income families or in local authority care received an extra £250. These bank accounts, due to interest built up, are worth around £2,212 on average now. To have been given a CTF you must have been born between September 1, 2002 and January 2, 2011.
Nearly 600,000 18 to 21-year-olds have an unclaimed CTF, worth an average of £2,212, according to the latest figures. CTFs are long-term, tax-free savings accounts and were set up for children born between September 1, 2002 and January 2, 2011. Eligible kids also had the opportunity to set up a child trust fund themselves.
HMRC sent the parents or guardians of qualifying children a starting payment voucher of £250 (or £500 if you were on a low income). If you didn't set one up for your child within a year, HMRC would do it automatically. Anyone can add to the account thereafter, and you can put up to £9,000 a year into it.
