HM Revenue and Customs (HMRC) has issued a timely alert to thousands of young adults across the UK, urging them to claim money that may be rightfully theirs. The tax authority is specifically targeting individuals who have celebrated their 18th birthday "in the past few years" but have yet to access savings held in a Child Trust Fund.
Unlocking a Potential Christmas Boost
In a direct appeal posted on social media platform X, a spokesperson for HMRC encouraged eligible young people to take action. "Unlock a boost this Christmas by cashing in your Child Trust Fund," the message stated. It went on to warn, "If you’ve turned 18 in the past few years, then you could be missing out." This call to action highlights that a significant number of accounts, set up by the government for children born between 1 September 2002 and 2 January 2011, remain unclaimed after the account holders reach adulthood.
How to Locate Your Child Trust Fund
If you believe you have a fund, the process to find it is straightforward. HMRC outlines two primary routes. Firstly, if you know which provider manages your account, you should contact them directly. If you are unsure, your parent or guardian may have the details.
Alternatively, you can ask HMRC to find the provider for you. This service is available if you are 16 or over and searching for your own fund, or if you are a parent or guardian looking for a fund belonging to a child under 18. Before starting an online search with HMRC, you will need your National Insurance number. For those who were adopted, adoption details will also be required.
For parents or guardians seeking a child's fund, you will need to provide the child's full name, address, date of birth, and any previous names. Including the child's National Insurance number, if you have it, can help. Be aware that the online form must be completed in one session, as it cannot be saved and returned to later.
What Happens After You Apply
Once HMRC processes your request, they will send you a letter containing the details of your Child Trust Fund provider. You should typically receive this letter within 3 weeks if you applied online. Postal applications will understandably take longer. HMRC advises that if you do not receive a response within six weeks, you should write to them, including any reference number you were given.
It is important to note that this HMRC tool cannot be used to find a Junior ISA. For those needing alternative free services to trace a provider, organisations like the Share Foundation may be able to assist.
With the festive season upon us, HMRC's message is clear: a financial boost could be waiting for thousands of young adults. Taking a few simple steps now could unlock savings that have been quietly growing for years.
