3 days Ago By [email protected] (Kate Lally)
HM Revenue and Customs (HMRC) is encouraging individuals to "unlock" a financial windfall this festive season, as it's estimated that hundreds of thousands could be due an average sum of around £2,212. HMRC highlighted earlier in the year that over half a million people had yet to claim their entitlements. These funds originate from a scheme initiated by a previous Labour government in 2005, which saw children receive an initial deposit of £250 or £500 based on their family's income.
Parents and guardians were given the flexibility to contribute to these accounts at their discretion, with the provision that the funds would be inaccessible until the child reached 18 years of age. Read more: Full list of people who can cancel BBC TV licence for £169.50 refund Read more: Estée Lauder's 'dreamy' perfume that 'people always notice' is half price in Boots sale Designed as long-term, tax-free savings vehicles, these accounts were established for every child born between September 1, 2002, and January 2, 2011, and are held with various banks, building societies, or saving providers.
Despite the passage of time, it's believed that a significant number of these accounts have not been claimed. In an update posted on X on Tuesday, HMRC stated: "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.
" Additional information available via a link explains that individuals can locate their Child Trust Fund provider using an online tool on Gov.uk. Following the use of the tool, HMRC will issue a letter with the provider's details, typically within three weeks of the request.
If you don't get a reply within six weeks, it's recommended to write to HMRC and include your reference number if you have one. For the latest breaking news and top stories from Belfast Live, visit our homepage.
