145,000 young people owed share of huge £394m fund just waiting to be claimed
Tens of thousands of teenagers have failed to claim hundreds of millions of pounds put away for them. They are now owed a share of a massive £394m cash pot waiting to be claimed.
A CTF is a long-term tax-free savings account for children born between September 1 2002 and January 2 2011, which they can access when they turn 18. It is estimated that more than one-quarter of CTFs remain untouched for a year or more after their owners reach that age.The government paid more than £2bn into CTFs for 6.3 million children born during the qualifying period.
By April 2021, around 320,000 CTFs had matured in the seven months since the first CTF account holders reached 18 in September 2020. Of these, 175,000 had been claimed by the account holders and the accounts closed, and 145,000 remained unclaimed. It is unclear how many children and young adults are either unaware of, or unable to locate, their CTF, the NAO said. It added that HM Revenue and Customs intends to incorporate CTFs into a communications campaign in 2023.
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