Latest news with #TheShareFoundation
Yahoo
4 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
5 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:
Leader Live
09-06-2025
- Business
- Leader Live
Wrexham case as extent of unclaimed Child Trust Funds revealed
Almost half (46.1%) of that belongs to those from low-income backgrounds who may need the money most. As of the end of May, nearly 35,000 young people across the country are unaware of their accounts and don't have access to what is rightfully theirs, according to figures from The Share Foundation. The data comes as child poverty in Wales is set to reach its highest rate in 30 years, with the Joseph Rowntree Foundation warning that more than 34% of children could be living in low-income families by the end of the decade. The Share Foundation, a registered charity that runs Junior ISA and Child Trust Fund schemes for young people in care throughout the UK on behalf of the Department for Education, is calling for the government to introduce automatic release of HMRC-allocated Child Trust Fund money when recipients turn 21. Under the proposal, countersigned by former Minister Ruth Kelly and parliamentarians from both Houses, account providers would be required to close and pay out proceeds via Government National Insurance channels for all unclaimed HMRC-allocated matured Child Trust Funds. 'Child poverty is becoming one of the big issues of our time,' commented Gavin Oldham OBE, Chair of Trustees at The Share Foundation. 'We need to break the cycle of deprivation which is why, over the past 12 years, we have been committed to establishing starter capital accounts for young people in care and helping young people from low-income backgrounds access Child Trust Funds they never even knew existed. "These initiatives are delivering positive outcomes exactly when families need them most.' To date, The Share Foundation has matched more than 85,000 young people with their Child Trust Funds, recovering over £165 million for young adult account owners through its free search facility developed with HMRC and Child Trust Fund account providers. The charity's mission is to encourage and facilitate inter-generational rebalancing by providing young people from disadvantaged backgrounds with both material resources and life skills knowledge to achieve their potential in adult life. TOP STORIES TODAY One of those who has discovered that he was entitled to the funds was Corey Polley from Wrexham. The 20-year-old has been self-employed for the last three years, doing timber framing. About two years ago, he found out about the Child Trust Fund through a family member. He used the Share Foundation website to see where his fund was held, a process which took 'about a week'. He claimed around £800 which has paid for his tools which was really important for him in his job, as otherwise it would have been harder for him to progress his career with the tools he had before. He has since told his friends who have also claimed their money. Corey said: 'Finding out about this money has been a massive help. I had no idea it even existed and it came at the perfect time when I was starting out in my career. "So many young people like me still don't know the child trust fund exists, so The Share Foundation's proposal for young people to get their fund automatically paid when they turn 21 makes a lot of sense. It could give other young people the same head start I got.'
South Wales Argus
03-06-2025
- Business
- South Wales Argus
£69m unclaimed Child Trust Funds in Wales, charity says
In Wales alone, £69 million remains untouched in HMRC-allocated Child Trust Funds (CTFs), according to The Share Foundation. Nearly half of these accounts (46.1 per cent) belong to young people from low-income backgrounds. The Share Foundation is calling for automatic payments of these funds to eligible account holders once they turn 21. Gavin Oldham, chairman of trustees at The Share Foundation, said: "Child poverty is becoming one of the big issues of our time. "We need to break the cycle of deprivation which is why, over the past 12 years, we have been committed to establishing starter capital accounts for young people in care and helping young people from low-income backgrounds access Child Trust Funds they never even knew existed. "These initiatives are delivering positive outcomes exactly when families need them most." The charity has already helped more than 85,000 young people access at least £165 million in matured CTFs.
Daily Mail
18-05-2025
- General
- Daily Mail
How YOUR family could share in a £1.3 billion cash windfall: That's how much is sitting in lost or forgotten child trust fund accounts - and this is how to claim it
Young people are missing out on more than £1.3billion that is sitting in lost or forgotten accounts set up in their names, new figures reveal. Almost 690,000 young people haven't claimed their child trust fund (CTF) accounts, according to analysis by charity The Share Foundation. Londoners are the biggest losers, with almost 100,000 accounts containing some £196million unclaimed. CTFs were set up by the government for children born between September 1, 2002, and January 2, 2011.
