HMRC is urging people to "unlock" a financial windfall (Image: Jenner Images via Getty Images)

HM Revenue and Customs (HMRC) is urging people to "unlock" a financial windfall, as hundreds of thousands remain eligible to claim a lump sum worth approximately £2,212. Earlier this year, the tax authority disclosed that more than half a million individuals had still not claimed what is rightfully theirs.

These savings accounts, known as Child Trust Funds , were set up under a scheme launched by a previous Labour government in 2005. The Government made an initial deposit of £250, or £500, per child depending on the family's financial circumstances.

Parents and carers were permitted to add to the account whenever they chose, with the money remaining inaccessible until the child turned 1

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