If you have a child born between 1 September 2002 and 2 January 2011, they could be one of 670,000 missing out on an average £2,200 lying dormant in a Child Trust Fund (CTF). 

The Government started everyone off with a free cash voucher of up to £250 (or £500 if you were a family on a low income) meaning every CTF within the above dates had money in it.

The idea was to encourage parents to save for their child’s future, but even if no further money was added, there is likely to be at least £100 to £500 in each account, and possibly more thanks to the interest that would have been added – or in some cases invested, so the balance may have grown or fallen with the market.

To reclaim the Child Trust Fund, you’ll need to know which bank building society or investment provider it’s with.  If you already know this, you can simply contact it directly, however,  if you don’t, HMRC has a handy tool where you can find further information –https://www.gov.uk/child-trust-funds/find-a-child-trust-fund

Please note that you DO NOT need to use a claims firm.  A warning was issued after some firms were offering to trace accounts and charging £100s for the service.  You should be able to do this easily yourself for free by following the link above.

Please contact us on 01227 277667 or email admin@mphaccountants.co.uk for more information regarding this.