HMRC alerts Brits to check if they are owed forgotten £2,000 for being born between specific years

The HM Revenue and Customs (HMRC) in the UK has recently issued a reminder to an estimated 430,000 individuals who may be eligible for unclaimed Child Trust Fund (CTF) savings. The Child Trust Fund is a government savings scheme introduced in 2005 to help families save for their children's future. The funds were created for children born between September 1, 2002, and January 2, 2011.

Each child receiving National Insurance number was initially granted a contribution of £250 or £500 from the government, depending on their circumstances. Parents or guardians were then encouraged to add their own contributions to the funds. The money in these accounts could grow over time through investments and interest, providing a valuable financial boost for children when they reach adulthood.

However, as of now, approximately 430,000 individuals have yet to claim their CTF savings. The average amount that remains unclaimed is around £2,000 per person. The HMRC is now urging those who believe they may be eligible to check their status and claim their funds before they miss out on this potential financial resource.

To determine eligibility and claim the CTF savings, individuals should follow these steps:

1. Visit the Child Trust Fund website (https://www.gov.uk/child-trust-fund) and click on "Check if you can claim a Child Trust Fund."

2. Enter their National Insurance number and follow the instructions provided on the website.

3. If eligible, claimants will be given instructions on how to access their CTF account and transfer the funds to a new account if necessary.

It's essential to note that there is a time limit for claiming CTF savings. Individuals must claim their funds before their 21st birthday or risk losing them forever. The deadline for those born on or after September 1, 2002, is September 1, 2023. For those born before this date, the deadline is September 1, 2025.

In conclusion, the HMRC's call to action encourages eligible individuals to check their status and claim any unclaimed CTF savings before the deadline. With an average of £2,000 per person remaining unclaimed, this could represent a significant financial boost for many families and individuals in the UK.