HMRC alert as thousands owed 'around £2,200'

HMRC has issued an alert to parents

HM Revenue and Customs (HMRC) has issued an alert to parents about unclaimed cash pots worth "around £2,200". Earlier this year, HMRC revealed that over 700,000 people aged between 18 and 22 were yet to claim their money, which was set aside for them by a previous Labour government in the form of savings accounts.

In a recent post on X, formerly known as Twitter , HMRC said: "Attention parents! If your child has recently turned 18, they may have a #ChildTrustFund, worth an average of £2,200."

Child Trust Funds are long-term tax-free savings pots established for every child born between September 1 2022 and January 2 2011. The government deposited £250 for each eligible child, with the funds only accessible once the child reached 18 years of age.

Th