Phone: 01242 260066 | Email accountants@mitchells.org

HMRC reminds young people to claim CTFs

07 Oct 2022

HMRC has reminded young people in their teens and twenties to claim their matured Child Trust Fund (CTF) savings.

CTFs are long-term savings accounts set up for every child born between 1 September 2002 and 2 January 2011. To encourage future saving and start the account, the government provided an initial deposit of at least £250.

An estimated 6.3 million CTF accounts were set up throughout the duration of the scheme, containing about £9 billion.

The savings accounts mature when the child turns 18 years old. Eligible young people who are aged 18 or over and have yet to access their CTF account could have savings waiting for them worth an average of £2,100.

If young people or their parents and guardians already know who their CTF provider is, they can contact them directly. Alternatively, they can visit GOV.UK and complete an online form.

Angela MacDonald, HMRC's Second Permanent Secretary and Deputy Chief Executive, said: 'Teenagers could have a pot of money waiting for them worth thousands of pounds and not even realise it. We want to help you access your savings and the money you're entitled to.'

Try a site search Tax returns, budget, pension, rates and allowances...

Contact details

Office: 01242 260066

Company Registration No: 4161638
Company Registered in England and Wales.
Company details
Mitchell Glanville Limited
Registered Address: 41 Rodney Road, Cheltenham, Gloucestershire GL50 1HX

Mitchell Glanville Limited regulated by the Institute of Chartered Accountants in England and Wales If, during the provision of professional services to you, you need advice on investments, we may have to refer you to someone who is authorised by the Financial Conduct Authority, as we are not. However, as we are licensed by the Institute of Chartered Accountants in England and Wales, we may be able to provide certain investment services where these are complementary to or arise out of the professional services we are already providing to you.

© 2022 Mitchells Chartered Accountants. All rights reserved. We use cookies on this website, you can find more information about cookies here.