Anyone born between 2002 and 2011 told they could claim £2,200 from HMRC | Personal finance | Finance

On By Littum

Anyone born between 1 September 2002 and 2 January 2011 may owe a withdrawal of more than £2,000 from a childhood bank account.

HM Revenue and Customs (HMRC) say those born between these years are likely to have a Child Trust Fund with an average pot of £2,200 waiting to be claimed.

Child Trust Funds are long-term tax-free savings accounts that were set up for children born during this period, and up to £9,000 a year can be added to existing accounts.

The money in it belongs to the child and they can only take it out when they turn 18, although they can take control of the account at 16.

No tax is payable on the income or surplus in the account, but once they turn 18, no more money can be added. At this point they can choose to either take the money out or transfer it to an adult ISA. Your Child Trust Fund will then close.

But until they withdraw or transfer the money, the funds remain in an account that no one else has access to.

The Child Trust Fund scheme closed in 2011, but HMRC is urging anyone who still has one – and has now turned 18 – to cash it in as it could be worth thousands of pounds.

In a message on X (formerly Twitter), HMRC said: “If you were born between 1 September 2002 and 2 January 2011, you are likely to have a Child Trust Fund worth an average of £2,200. Already turned 18? That is yours to cash in. Find out more GOV.UK.”

To trace a Child Trust Fund, you can contact the fund provider directly if you know who the account is with, or if not, ask a parent or guardian. You can also ask HMRC to trace it and the department can tell you where the account was originally opened. To do this you must be:

You will need your National Insurance number and if you are a parent or guardian looking for a child’s trust fund you will need:

  • the child’s full name, address and date of birth

  • any previous names you or the child have used

You should receive a letter with details of the Child Trust Fund provider within three weeks of HMRC receiving your request. If you have adopted a child or a court has given you parental responsibility for it, you will receive a letter asking you for more information.