HMRC warns individuals born between 2002-2011 of potential forgotten Child Trust Funds, totalling £2,000 or more.

HMRC has issued a warning to individuals born between September 1, 2002, and January 2, 2011, stating that they may have £2,000 or more in forgotten funds. This money comes from the Child Trust Fund, a long-term tax-free savings account created for children born within that date range. The government initially deposited £250 into the account, with the possibility of adding up to £9,000 per year. These funds do not require tax payment on the income or profit and do not affect any benefits or tax credits. The Child Trust Fund scheme was discontinued in 2011.

February 03, 2024
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