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HM Revenue and Customs (HMRC) is encouraging people to "unlock" a financial boost, as hundreds of thousands can claim a lump sum worth around £2,212. Earlier this year, HMRC revealed that over half a million individuals had yet to claim what is rightfully theirs.

These savings pots, known as Child Trust Funds, were established under a scheme introduced by a previous Labour government in 2005. The Government provided an initial contribution of £250, or £500, per child based on the family's financial situation.

Parents and carers were able to top up the account whenever they wished, with the funds remaining locked until the child reached 18. These long-term tax-free savings accounts were opened for every child born between September 1, 2002, and January 2, 2011.

The funds ar

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