‘I found £955 in a missing Child Trust Fund account – you could be owed money’

A young woman’s unexpected discovery of £955 in a forgotten savings account has brought attention to the thousands of individuals who may unknowingly have Child Trust Funds. Latonya Skye-Paterson, 20, shared that these funds were given to children born between September 1, 2002, and January 2, 2011, with vouchers of £250 or £500 for those from lower-income families. If parents did not open the fund, HMRC would’ve done so on the child’s behalf, leaving many unaware. These Child Trust Funds, although no longer open for new accounts, can still receive contributions and become accessible to the child once they turn 18.
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Latonya’s discovery of £955 in her Child Trust Fund came as a surprise, as she had not been aware of its existence until a conversation with her college tutor prompted her to check. She expressed her astonishment, stating, “I found I had £955 in there, which is a lot. A lot more than I was expecting… it helped me so much,” as reported by the Mirror. The Share Foundation advocates for automatic payouts for certain unclaimed Child Trust Funds, particularly focusing on “HMRC allocated” accounts that were set up automatically but remain untouched. It’s estimated that around £927 million is still unclaimed from approximately 449,000 of these accounts.
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As efforts are made to reunite young adults with their unclaimed funds, HMRC highlighted the legal considerations involved in closing these accounts and transferring the savings. While the government is committed to ensuring that individuals can benefit from their Child Trust Funds as they come of age, the process requires careful legal scrutiny. To assist individuals in locating lost Child Trust Funds, HMRC provides a service where parents, guardians, and young people over 16 can request details by filling out a form on GOV.UK or by writing to HMRC. Providing essential information like the account holder’s full name, date of birth, address, and National Insurance number can help expedite the search process.

Thousands of individuals may have unclaimed funds in forgotten Child Trust Fund accounts, serving as a reminder for young adults to investigate if they are owed money. The unexpected windfall can provide financial assistance and opportunities, as demonstrated by Latonya’s experience with £955 in her account. The push for automatic payouts and efforts to locate unclaimed funds aim to ensure that individuals can access the savings intended for them. By utilising services provided by HMRC and being proactive in searching for any lost Child Trust Funds, individuals may uncover valuable assets that could support their financial goals as they transition into adulthood and beyond.