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HMRC, THE LABOUR PARTY GOVERNMENT'S TAX ARM, HAS CONFIRMED THAT MANY THOUSAND OF PEOPLE AGED BETWEEN 18 AND 22 HAVE UNCLAIMED SAVINGS ACCOUNTS. 08:12, 02 Jun 2025 HMRC could owe hidden

fortunes worth £2,200 to hundreds of thousands. HMRC, the Labour Party government's tax arm, has confirmed that many thousand of people aged between 18 and 22 have unclaimed savings

accounts. Millions of pounds are sitting unclaimed in Child Trust Funds (CTFs) — long-forgotten savings accounts set up by the Government under a Labour initiative to promote financial

responsibility among children. Launched in 2002, the scheme automatically opened a tax-free savings account for every child born in the UK between 1 September 2002 and 2 January 2011, with

an initial Government deposit of £250. Children from lower-income households received £500 to start. In some cases, further top-ups were added during childhood. READ MORE SMART MOTORWAYS

COULD BE SCRAPPED FROM ENGLAND ENTIRELY Although the programme ended in 2011, the money remains invested — often earning interest — and becomes accessible once the child turns 18. Today,

many of these young adults are eligible to claim their funds, with the average account holding around £2,200. Article continues below However, a significant number are unaware that the

accounts even exist. Officials are now encouraging them to “cash in their stash” by checking if they have a CTF in their name. These forgotten funds are still held in bank or building

society accounts and can be claimed at any time by the account holder. HMRC 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." “If you’re over the age of 18 and have not claimed your #ChildTrustFund, then you may be eligible to cash it in,” HMRC said in

a recent alert. “The average amount claimed is £2,200.” Article continues below The funds become accessible at age 18, with the account automatically transferring into an adult ISA — unless

action is taken by the account holder. HMRC said: “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

GOV.UK."