HMRC urges people to check if they are owed average cash sum of £2,200

HMRC is encouraging parents to investigate if their offspring could profit from a claim that averages £2,200.

The government body emphasised that all youngsters aged between 18 and 22 might be eligible to access their Child Trust Fund (CTF) if one was established for them. These accounts were created for children born between 1 September 2002 and 2 January 2011, with each qualifying child initially receiving £250 or £500 for families on lower incomes.

Parents had the opportunity to contribute up to £9,000 annually to these funds. If a parent did not set up an account, HMRC took the initiative to do so, which means numerous young people may be unaware of money that belongs to them.

Recent figures from HMRC reveal that more than 670,000 individuals aged between 18 and 22 have yet to claim their Child Trust Fund.

Posting on X, HMRC said: "Is your child between the ages of 18 and 22? If so, they can cash in their #ChildTrustFund. The average amount claimed is £2,200."

How to claim a Child Trust Fund

The first step to claiming a CTF is finding out who the provider of the account is. If you're not sure of this, you can use the government's online tool which can help locate the account through the use of a National Insurance Number and date of birth.

This service is available to obtain information from HMRC provided you are either a parent or guardian of a child under 18, or if you're aged 16 or over and on the hunt for your own trust fund. Identifying the account provider is your first step. Once you've pinpointed them, get in touch directly to discover the balance and withdrawal options.

If you're a parent or guardian of a child under 18, or if you're over 16 and looking for your own trust fund, you can contact the account provider directly to find out how much is in the account and how much you can withdraw.

Alternatively, you can write to Charities, Savings and International 1, HMRC, BX9 1AU. Be sure to include your full name, date of birth, current address, and National Insurance number to help them locate your account quickly.

Angela MacDonald, HMRC Second Permanent Secretary and Deputy Chief Executive, made a plea last November over the funds, saying: "Thousands of Child Trust Fund accounts are sitting unclaimed - we want to reunite young people with their money and we're making the process as simple as possible.

"You don't need to pay anyone to find your Child Trust Fund for you, locate yours today by searching 'find your Child Trust Fund' on GOV.UK."