FEATURED Articles23 Nov 2023
Autumn Statement 2023 – The Key Points
The Chancellor Jeremy Hunt delivered an Autumn Statement on Wednesday 22 November containing some 110 different proposals, we draw out the key points of interest.
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A recent investigation into Child Trust Funds (CTFs) by the National Audit Office (NAO) has revealed that, disturbingly, nearly £400 million in matured CTFs remain unclaimed. CTFs were opened for some 6.3 million children born between 1 September 2002 and... Read more
A recent investigation into Child Trust Funds (CTFs) by the National Audit Office (NAO) has revealed that, disturbingly, nearly £400 million in matured CTFs remain unclaimed.
CTFs were opened for some 6.3 million children born between 1 September 2002 and
2 January 2011 into which the government paid £2 billion.
Unclaimed funds
The first CTFs began maturing from 1 September 2020 onwards as children reached 18. By 5 April 2021, some 175,000 18-year-olds had either withdrawn or reinvested the funds from their matured CFTs, but 145,000 (45%) matured CTFs went unclaimed. A more up-to-date estimate shows the situation improving, but 27% of CTFs maturing at least one year earlier are still unclaimed.
There are various reasons for this:
Tracing lost accounts
As a result of government contributions, every CTF has between £100 and £500 invested, even if no family contributions have been made. So, it is worthwhile tracking down lost accounts.
HMRC will usually respond with details of the CTF provider within three weeks.
The starting point for HMRC’s CTF tracing service can be found here.
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