Hundreds of individuals aged 21 and over may very well be owed hundreds.
Brits over 21 might declare £2,200 (Picture: Getty)
Martin Lewis has reminded Brits aged 21 or over that they might declare over £2,200. Hundreds of 21-year-olds have a forgotten or long-lost Youngster Belief Fund, price a median of £2,200.
Between 2002 and 2011, most youngsters born within the UK acquired lots of of kilos in tax-free financial savings money from the Authorities, which was positioned right into a Youngster Belief Fund for them. Mother and father have been then invited so as to add extra money on prime in the event that they needed to, and the cash could be accessible by the kid once they turned 18. Nevertheless, as of this month, April 2026, greater than 750,000 Youngster Belief Funds stay unclaimed, in line with MoneySavingExpert, with greater than £1.6 million up for grabs. HMRC says it’s writing to all 21-year-olds whose Youngster Belief Funds are nonetheless unclaimed to remind them they’ve an account of their title and so they can now entry their cash. The Authorities says it’s focusing on these aged 21 and over as a result of they need to have made some contact with HMRC by then (e.g., by beginning their first job).
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The £2,200 comes from the Youngster Belief Fund (Picture: Getty)
Financial Secretary to the Treasury, Lucy Rigby, mentioned: “Lots of of hundreds of younger individuals on this nation don’t know they’ve a CTF, not to mention how one can entry it.
“Some may have a few thousand kilos sat there that might actually assist them as they start grownup life. I’m decided that those that have CTFs are made conscious they’ve this cash.
“Collectively, we’ll guarantee funds from these Youngster Belief Funds might be accessed by younger individuals to assist in giving them the perfect begin to grownup life.”
Martin Lewis’ Cash Saving Professional has warned anybody receiving a Youngster Belief Fund letter that they need to contact the supplier of the fund, not HMRC.
It mentioned: “Warning: You need to at all times contact the CTF supplier immediately utilizing contact data listed on their web site.
Do not contact HMRC to entry your funds. You additionally needn’t anticipate HMRC to contact you about your CTF because it’s free and straightforward to find your self.”
It added that you simply don’t want to make use of a claims agency, as many cost lots of for the privilege. It defined: “Some companies supply to hint misplaced CTFs and cost £100s for the service, focusing on teenagers and younger adults with advertisements on-line and by way of social media.
“However HMRC has warned that utilizing a third-party agency is prone to take longer and that you’ll nonetheless want to offer the identical data to the claims agency that you simply’d want to finish the search your self.”
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