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HMRC to send letters telling thousands of people to claim £2,200
HMRC will contact 21-year-olds about accounts averaging £2,200 as officials say more than 750,000 Child Trust Funds remain unclaimed.
- HM Revenue and Customs is launching a campaign to contact 21-year-olds with unclaimed Child Trust Funds , aiming to reunite young adults with matured savings accounts established for children born between September 2002 and January 2011.
- More than £1.5 billion sits unclaimed across 758,000 accounts; these tax-free savings pots originally received government deposits of around £250 or £500, though families lost track of provider details over time.
- Economic Secretary to the Treasury Lucy Rigby stated that "hundreds of thousands of young people" are unaware of their savings, which hold an average of £2,200 that could support them as they begin adult life.
- Young people can locate their accounts using the free "find my child trust fund" service on gov.uk; individuals need not wait for letters to check eligibility or transfer funds into an adult ISA.
- A 2023 report from the Public Accounts Committee previously criticized HMRC for a "failure in long-term planning" regarding the scheme, prompting current efforts to work with providers and boost awareness of unclaimed accounts.
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HMRC issue letters to thousands of savers who might be owed over £2,000
Thousands of young people across the UK could be sitting on forgotten savings worth more than £2,000 without knowing it.HM Revenue and Customs (HMRC) has launched a fresh awareness drive to reconnect 21-year-olds with unclaimed Child Trust Funds.There is roughly £1.5billion held in around 750,000 accounts that have not been accessed.The tax authority will now write directly to every 21-year-old with an unclaimed account in an effort to return th…
·London, United Kingdom
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Keighley News+14 Reposted by 14 other sources
HMRC launches appeal as 750,000 are missing out on £2,200 in forgotten accounts
A government appeal has been issued as hundreds of thousands may have unclaimed HMRC cash worth around £2,200.
·Keighley, United Kingdom
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Coverage Details
Total News Sources27
Leaning Left3Leaning Right2Center18Last UpdatedBias Distribution78% Center
Bias Distribution
- 78% of the sources are Center
78% Center
13%
C 78%
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