Released 07 September 2021
HMRC are urging teenagers to check if they have a pot of money waiting for them in a Child Trust Funds (CTF).
It is now one year since the first account holders started turning 18 and around 55,000 CTFs mature every month.
CTFs were set up for all children born between 1 September 2002 and 2 January 2011 with a live Child Benefit claim. Parents or guardians set up these accounts with Child Trust Fund Providers – usually banks, building societies or investment managers – using vouchers provided by the government. If an account was not opened by the child’s parent, HMRC set one up on the child’s behalf.
For further details, see the HMRC press release: Thousands of teenagers missing out on Child Trust Fund cash.