Anyone born between 2002 and 2011 told they could claim £2,200 from HMRC | Personal Finance | Finance

Anyone born between September 1, 2002 and January 2, 2011, could be owed a payout of more than £2,000 from a childhood bank account.

His Majesty’s Revenue and Customs (HMRC) says those who were born between these years are likely to have a Child Trust Fund with an average cash pot of £2,200 waiting to be claimed.

Child Trust Funds are long-term tax-free savings accounts that were set up for children born during this period and up to £9,000 per year can be added to existing accounts.

The money in it belongs to the child and they can only take it out once they turn 18, although they can take control of the account aged 16.

There’s no tax to pay on the income or any profit the account makes, but once they turn 18 no more money can be added. At this point they can opt to either take the money out or transfer it to an adult ISA. Their Child Trust Fund will then close.

However, until they withdraw or transfer the money, the funds will stay in an account that no one else has access to.

The Child Trust Fund scheme closed in 2011 but HMRC is urging anyone who still has one – and has now turned 18 – to cash it in as it could be worth thousands of pounds.

In a message on X (formerly Twitter), HMRC said: “If you were born between 1st September 2002 and 2nd January 2011, you are likely to have a Child Trust Fund worth an average of £2,200. Already turned 18? It’s yours to cash in. Find out more on GOV.UK.”

To track down a Child Trust Fund, you can contact the fund provider directly if you know who the account is with, or if not, ask a parent or guardian. You can also ask HMRC to track it down and the department can tell you where the account was originally opened. To do this you must be:

You’ll need your National Insurance number and if you’re a parent or guardian looking for a child’s Trust Fund, you’ll need:

• the child’s full name, address and date of birth

• any previous names you or the child have used

You should get a letter with details of the Child Trust Fund provider within three weeks of HMRC receiving your request. If you’ve adopted a child or a court has given you parental responsibility for them, you’ll get a letter asking for more information.