Teresa Etheredge
March 19, 2024
Reading time: 3 minutes
Millions of child trust fund accounts were opened, but many have disappeared. If your child’s account is one of these, they could each be owed up to £1,000. Read below to find out if your child owes her £1,000.
What is a Children’s Trust Fund?
The CTF is a long-term tax-free savings account established for all children who:
- Born between September 1, 2002 and January 2, 2011
- born in england
- Not subject to immigration control
Each account can be worth up to £1,000, sometimes more. In total, around 6 million pieces were created over a period of 9 years, with a total value of more than 6 billion pounds.
The problem is that more than 1 million of these accounts are currently classified as “destination disappeared.” This means that CTF owners are unaware of or have no access to their money. Hey, imagine misplacing over £1 billion of young people’s money.
To make matters worse, a disproportionate number of these ‘missing addressees’ are from the most disadvantaged households.
What does Share Center do?
Fortunately, there is a solution to this problem. In collaboration with the Share Foundation and the Tax Incentive Savings Association, the Share Center attempts to reunite these young people with their respective CTFs. As part of this campaign, we sent over 20,000 posters of her to principals across the country to raise awareness.
Gavin Oldham, Chairman of The Share Center and The Share Foundation, said:
“The Child Trust Fund was an important initiative designed to improve social mobility, but its impact will be lost unless lost accounts are quickly relinked. We are working urgently and closely with the Government and Revenue and Customs to relink these accounts, most of which were “allocated to Revenue” when issued.
“We encourage young people who think they may be affected to visit this link, where they will find guidance on how to locate a Child Trust Fund account and next steps. can do.”
How can my child get back into their account?
1. Find out where your Child Trust Fund account is kept.
You can do this by completing an online form on the HM Revenue and Customs website. You will need:
- Be the account owner or parent/legal guardian of the child. If you don’t see someone on your child’s register, please contact The Share Foundation.
- Government gateway ID. Obtained if you have used UK government online services. To create a new one, you will need your National Insurance number and ID.
2. Contact your Child Trust Fund account provider
Once you know your contact information, call our customer service hotline directly and help us keep all the necessary details up to date. A list of major CTF providers can be found here.
that’s all! Please feel free to leave your comments in the section below.
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