Overview
- The HMRC alert, issued Tuesday, urges people born between September 1, 2002 and January 2, 2011 to check if they have a Child Trust Fund waiting to claim at 18.
- HMRC says many of these accounts have not been claimed, and some could be worth hundreds or even thousands of pounds.
- Account holders can manage the account from age 16 and withdraw the full balance at 18 with no tax on interest or gains.
- If you do not know the provider, HMRC’s free online tool uses your National Insurance number to find it and replies in writing in about three weeks.
- The scheme closed in 2011 and was replaced by Junior ISAs, and existing accounts can be moved to a Junior ISA but you cannot hold both.