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HMRC warns: 'Check now' as Brits could get £2,000 for forgotten weed | UK | News

HMRC warned UK residents they could potentially miss out thousands of pounds from undervalued children's trust funds.

The government The department said to X: “Were you born between September 1, 2002 and January 2, 2011?

“Check that you haven't forgotten your Child Trust Fund savings – the average is around £2,000.”

In September last year, 430,000 people had still not received the cash payments, which averaged £2,000 per person.

A lot of this money remains unclaimed, leading the agency to go to court asking those who could have received their money to seek help from X.

Child trust funds are long-term, tax-free savings accounts. The government set them up for every child born between 1 September 2002 and 2 January 2011, with an initial contribution of at least £250.

Funds may be withdrawn once the account is fully paid off, when the child turns 18 years old.

Since the oldest children in the scheme turned 18 in September 2020, more than 500,000 Children's Trust Fund accounts have been claimed or transferred to ISAs.

However, hundreds of thousands more are believed to remain inactive.

How to Find a Child Trust Fund

If people know their account provider, they can contact them directly to access their Child Trust Fund savings.

Alternatively, if they are unsure, they can contact HM Revenue and Customs (HMRC) to find your Child Trust Fund. They can then explain where the account was originally opened.

HMRC also offers a free tool that people can use to find a child trust fund.

Users must be the parent or guardian of a child under 18 or over 16 who is searching for their own trust fund. People will be asked to provide their own National Insurance number or, if they are searching for a child, the child's National Insurance number.

HMRC They said they usually responded within three weeks of the request, sending a letter with details attached.

Those who have not received a response within this period can write to the address HMRC instead of.

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