Latest news with #ChildTrustFunds
Scottish Sun
12 hours ago
- Business
- Scottish Sun
Are you missing out on £2,212 in unclaimed cash? Forgotten bank accounts could be a goldmine
Plus we explain how you can track down other missing accounts which could make you £2,500 richer every month CASH IN Are you missing out on £2,212 in unclaimed cash? Forgotten bank accounts could be a goldmine Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SAVERS could be missing out on £2,212 in unclaimed cash - here is how you can track yours down. Child Trust Funds are a type of tax free savings accounts, which were set up for every child born between September 2002 and January 2 2011. Sign up for Scottish Sun newsletter Sign up 1 Teens could be coming into a collective £4.7billion worth of Child Trust Fund cash Credit: Getty - Contributor The Government deposited £250 for every child born between that period or £500 if they came from a low income family. When the child turned seven, an extra £250 or £500, depending on their families' economic status, was deposited. In 2010, this was scaled back to £50 for better off households and £100 for those on a lower income. The scheme was eventually axed in 2011, was later replaced with Junior ISAs. Parents of friends can deposit up to £9,000 into the child's account tax-free. The money is usually invested into shares. HMRC previously estimated that the average amount of savings tied up in each account is £2,212. Youngsters can take control of these accounts at 16, but can not withdraw the cash until they are 18. If you think you are entitled to a Child Trust Fund, you can track it down using a Government tool. You can find this by searching for "find a Child Trust Fund" on What Does My Tax Code Mean? A Simple Guide to Your HMRC Letter You'll need to have a few personal details to hand to do the search, including your date of birth and National Insurance (NI) number. Your NI number remains the same for your entire life. It's made up of two letters, six numbers and a final letter. You can find this number on your payslips or by downloading the HMRC app, which can be downloaded on the Apple or Google Play Store. When you're done filling this out, HMRC will then send you a letter revealing what company has your Child Trust Fund. There are a number of third party groups offering to search for Child Trust Funds but it's worth noting that they will charge a fee so you might lose a chunk of your money. Other ways you may have forgotten cash And it is not just a Child Trust Fund that could have thousands squirrelled away. Millions of workers have forgotten about old pensions from previous employers. There are 3.3million lost pots worth a combined £31billion - up from 2.8million worth £26 billion two years ago, according to the Pensions Policy Institute. An easy way to track the cash down is by using the Government's free Pension Tracing Service. This can be found by visiting You could then consolidate your pension and help boost your retirement by over £20,000. You can also track down lost bank and building society accounts using free online tools. For example, My Lost Account can help customers trace missing bank account. You should get a response from providers within three months.
Yahoo
2 days ago
- Business
- Yahoo
£274m of Child Trust Fund cash has not been claimed – here's how to get yours
Almost £275m of government-allocated funds are being 'hidden' from disadvantaged young people and going unclaimed, charities have warned. Child Trust Funds (CTFs) are long-term, tax-free savings accounts for people born between 1 September 2002 and 2 January 2011, which they can access when they turn 18. Children received around £250 each from the government at the time their CTF was started, or £500 if they were from low-income families or in local authority care. A second top-up was added when the child turned seven years old for those who qualified for Disability Living Allowance between 6 April 2009 and 5 April 2011, or turned seven between 1 September 2009 and 31 July 2010. The accounts could also be added to by a parent, with the average amount held in CTFs totalling around £2,000. If no action was taken by families to claim the accounts when they were set up, they were allocated by HMRC. However, according to The Share Foundation, a charity that helps track down unclaimed funds, more than £400m is sitting unclaimed in HMRC-allocated accounts waiting for people to claim them. And more than half of the accounts belong to young adults on low incomes, with £274m meant for disadvantaged young people left unclaimed. The charity has warned that if no action is taken, there will be nearly £1bn lying dormant and unclaimed for low-income young adults by the end of this parliament. Dawn Smith, 21, said her Child Trust Fund helped her achieve the best grade possible at university, where she was later offered her first job. However, she said it took her over a year to access her fund due to a name change. 'My parents were aware of it, but we had no idea where it was or how much money was in it – we knew nothing,' she said. She then searched online and found The Share Foundation, which helped her to claim her fund. The Share Foundation is calling on the government to implement a new automatic release mechanism to ensure all HMRC-allocated funds are paid out when account holders turn 21 – without the need for them to make a claim. Ms Smith told The Independent: 'I managed to claim mine in the second year of university. I studied music at university in London, which was very expensive. While my parents were doing as much as they could, once I got that trust fund, it all went towards uni. 'It went towards my equipment and anything I could use to get the best grade possible. I used it for things that were very needed at the time. 'It's helped me invest in my future. With having that trust fund helping me do so well, the uni has actually offered me a job, so I'll be a tutor for them.' Chairman of The Share Foundation, Gavin Oldham, described the money as being 'hidden' from young people. He said: 'The government has no funding for low-income young people, not because it lacks intent, but because it lacks the means. So why not release the £400m that is currently sat unclaimed in HMRC-allocated Child Trust Funds belonging to young people aged 21 or over? 'This would provide an immediate resolution at no cost to them – and £274m of this would be delivered immediately to low-income young people.' The proposed changes would mean that if an unclaimed HMRC-allocated fund matched the national insurance number of someone either claiming benefits, on a payroll or student loan system, the money would be released to the corresponding accounts. Labour peer David Blunkett, who has also called for changes to be made, told The Independent: 'A simple means of releasing the money directly to them using modern technology is a no-brainer. The trawl for contact details would be the same as banks uses when checking for 'unclaimed assets' and cross-reference with national insurance numbers would also help. 'Not only would this be a boon to the young people concerned at a moment when they need it most, but also an injection of cash into local economies across the country, which is bound to help the overall economy.' An HMRC spokesperson said it works closely with providers to support young people to track their funds down and every young person is sent information about finding their account with their National Insurance letter. The Treasury has been contacted for a comment. How you can claim your Child Trust Fund cash To find your CTF, the government website advises you to contact your provider directly, if you know who the account is with. If you don't, you can ask HMRC or contact The Share Foundation for help here: Solve the daily Crossword
The Independent
3 days ago
- Business
- The Independent
£275m of Child Trust Fund cash has not been claimed – here's how to get yours
Almost £275 million worth of government-allocated funds is being 'hidden' from disadvantaged young people and going unclaimed, charities have warned. Child Trust Funds (CTFs) are long-term, tax-free savings accounts for people born between 1 September 2002 and 2 January 2011, which they can access when they turn 18. Children received around £250 each from the government at the time their CTF was started, or £500 if they were from low-income families or in local authority care. A second top-up was added when the child turned seven years old for those who qualified for Disability Living Allowance between 6 April 2009 and 5 April 2011, or turned seven between 1 September 2009 and 31 July 2010. The accounts could also be added to by a parent, with the average amount held in CTFs totalling around £2,000. If no action was taken by families to claim the accounts when they were set up, they were allocated by HMRC. However, according to The Share Foundation, a charity that helps track down unclaimed funds, more than £400 million is sitting unclaimed in HMRC-allocated accounts waiting for people to claim them. And more than half of the accounts belong to young adults on low incomes, with £274 million meant for disadvantaged young people left unclaimed. The charity has warned that if no action is taken, there will be nearly £1bn lying dormant and unclaimed for low-income young adults by the end of this parliament. Dawn Smith, 21, said her Child Trust Fund helped her achieve the best grade possible at university, where she was later offered her first job. However, she said it took her over a year to access her fund due to a name change. 'My parents were aware of it, but we had no idea where it was or how much money was in it – we knew nothing,' she said. She then searched online and found The Share Foundation, which helped her to claim her fund. The Share Foundation is calling on the government to implement a new automatic release mechanism to ensure all HMRC-allocated funds are paid out when account holders turn 21 - without the need for them to make a claim. Ms Smith told The Independent: 'I managed to claim mine in the second year of university. I studied music at university in London, which was very expensive. While my parents were doing as much as they could, once I got that trust fund, it all went towards uni. 'It went towards my equipment and anything I could use to get the best grade possible. I used it for things that were very needed at the time. 'It's helped me invest in my future. With having that trust fund helping me do so well, the uni has actually offered me a job, so I'll be a tutor for them.' Chairman of The Share Foundation, Gavin Oldham, described the money as being 'hidden' from young people. He said: 'The government has no funding for low-income young people, not because it lacks intent, but because it lacks the means. So why not release the £400 million that is currently sat unclaimed in HMRC-allocated Child Trust Funds belonging to young people aged 21 or over? 'This would provide an immediate resolution at no cost to them - and £274 million of this would be delivered immediately to low-income young people.' The proposed changes would mean that if an unclaimed HMRC-allocated fund matched the national insurance number of someone either claiming benefits, on a payroll or student loan system, the money would be released to the corresponding accounts. Lord David Blunkett, who has also called for changes to be made, told The Independent: 'A simple means of releasing the money directly to them using modern technology is a no-brainer. The trawl for contact details would be the same as banks uses when checking for 'unclaimed assets' and cross-reference with national insurance numbers would also help. 'Not only would this be a boon to the young people concerned at a moment when they need it most, but also an injection of cash into local economies across the country, which is bound to help the overall economy.' An HMRC spokesperson said it works closely with providers to support young people to track their funds down and every young person is sent information about finding their account with their National Insurance letter. The Treasury has been contacted for a comment. To find your CTF, the government website advises you to contact your provider directly, if you know who the account is with. If you don't, you can ask HMRC or contact The Share Foundation for help here:
Scottish Sun
08-07-2025
- Business
- Scottish Sun
Exact amount Universal Credit claimants can receive before payments STOPPED
Read on to find out whether you could be affected NOT TO YOUR BENEFIT Exact amount Universal Credit claimants can receive before payments STOPPED MILLIONS of households in the UK rely on Universal Credit to help with their day-to-day living costs. However, many people may not be aware that certain life changes can have a huge impact on your eligibility for the benefit - and could lead to payments being reduced or even stopped altogether. 1 Many people may not be aware that certain life changes can have a huge impact on your eligibility for Universal Credit Credit: Alamy If you receive a lump sum of money through inheritance, premium bonds, or a lottery or other cash prize, you may find yourself cut off from your benefits - even if you still need them going forward. Other payments such as redundancy payouts, life insurance and pension lump sums, divorce settlements and compensation payouts can also affect your benefits. This is because Universal Credit is one of several state benefits that are means tested, meaning they are based on how much money you have in savings and investments. Which benefits are affected by savings? HERE are all the benefits affected by savings Universal Credit Pension Credit Council Tax Support Housing Benefit Hargreaves Lansdown personal finance expert Sarah Coles says it's crucial to tell the Department for Work and Pensions (DWP) if you're expecting to receive a lump sum that may take you over the threshold. 'If your inheritance takes your total savings and investments to more than £6,000, it won't affect your eligibility for Universal Credit. "If it takes you over £6,000 but to less than £16,000, it will mean you get less, but you will still be eligible for a payment. If it takes you over £16,000 you won't get any Universal Credit. "If you're affected, it's key to tell the government as soon as possible, so you don't receive any payments you're not entitled to." How much can I have in savings to claim Universal Credit? According to the maximum amount of savings you can have to qualify for Universal Credit is £16,000. Therefore, if you receive a sum of money that takes you over this threshold, you are likely to see your benefits stopped completely. If you have £6,000 or less in your bank account, this will not affect your Universal Credit claim. I lost 'everything' when UC stopped my £4.3k-month payment... now I've been sacked from my new job If you have between £6,000 and £16,000, your payments will be reduced. For every £250 you have between £6,000 and £16,000, your payments will decrease by £4.35. It's also worth noting that if you live with a partner, their savings and investments will also be included in this limit. However, anything in your child's name, such as children's savings accounts and Child Trust Funds, will not count. What if I'm due to get inheritance? If you're due to get inheritance, or expecting any change in your money, savings and investments, you must inform the DWP. If you fail to tell the Government of any changes that may affect your benefits, you could end up overpaying your Universal Credit, and this extra money will be deducted from your future payments until it is repaid in full. AJ Bell savings expert Charlene Young also stresses that you can't opt out of receiving inheritance in order to keep your benefits. "The rules mean that refusing the inheritance cash or try to give it away to keep you under the limit won't work," she told The Sun. You also cannot knowingly reduce your money, savings and investments. If the DWP decides you have deliberately reduced your money, your savings will be treated as though you still have it in your account. You can also be prosecuted for fraud or fined for doing so, or for giving false information about your savings and investments. However, if you have used your savings to pay off debt or buy essential items, this will not count as knowingly reducing your money. What if I'm writing a will? If you're planning on leaving inheritance to a loved one but are worried about them losing their benefits, there are steps you can take to prevent this. Lawson-West Solicitors advises people to set up a trust for their inheritance. "A discretionary trust can be created to protect funds passing directly to the person on benefits. "It can also be used to provide for the person receiving benefits in other ways, such as providing them rent-free accommodation, that will not affect their benefits," Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Daily Mirror
07-07-2025
- Business
- Daily Mirror
HMRC warns anyone born on these dates could be owed £2,200 in unclaimed cash
If the parent didn't open a Child Trust Fund, then HMRC would have opened one on behalf of the child - this means there are thousands of young people that may not realise they have one HMRC is urging parents to check if their child has a forgotten savings account worth an average of £2,000. Child Trust Funds were saving accounts given to children born between September 1, 2002 and January 2, 2011. Each child was given a voucher worth £250, or £500 for those from lower income families to start the account. Families could then add up to £9,000 a year into a Child Trust Fund. If the parent didn't open a Child Trust Fund, then HMRC would have opened one on behalf of the child - this means there are thousands of young people that may not realise they have one of these accounts. Latest figures from HMRC show more than 670,000 people aged 18 to 22 have yet to claim their Child Trust Fund. On average, each account is worth £2,212. In a post on X, HMRC said: "If your child is between 18 and 22, they can cash in their #ChildTrustFund. The average amount claimed is £2,200." You can't open a new Child Trust Fund but you can continue to pay into an existing account. It is only possible to access a Child Trust Fund once the child turns 18. How to fin If you know the name of your Child Trust Fund provider, you can contact it directly to find out more about your account. If you've lost track of your account, you can ask HMRC to help you locate it by filling out a form on You can ask HMRC to find a Child Trust Fund if you're a parent or guardian of a child under 18, or if you're 16 or over and looking for your own account. You will need your National Insurance number and Government Gateway - this is free to create - to fill out the online form. Once you've entered the right information, HMRC should tell you the name of the Child Trust Fund provider within three weeks. You can also request details by post by writing to: Charities, Savings and International 1, HMRC, BX9 1AU. Try to include as many details as possible, such as the full name, date of birth and address of the account holder, plus their National Insurance number. In a comment published last November, Angela MacDonald, HMRC Second Permanent Secretary and Deputy Chief Executive, said: 'Thousands of Child Trust Fund accounts are sitting unclaimed – we want to reunite young people with their money and we're making the process as simple as possible. 'You don't need to pay anyone to find your Child Trust Fund for you, locate yours today by searching 'find your Child Trust Fund' on
