Tens of thousands of young people are unaware they could have a small fortune tucked away in a savings account, after the government gifted them vouchers when they were born. Child trust funds (CTFs) were introduced in 2002 – and children born between September 1, 2002 and January 2, 2011, qualified for them. The scheme gave parents and guardians vouchers to invest in their child’s future – money they could move at 16 and access at 18. However, 1.8million vouchers were not claimed – and so the tax-man invested it on their behalf. Now, as many of these children turn 18, it’s emerged that 200,000 accounts – amounting to £400million – remain unclaimed. On average, these contain £2,000 each, according to figures seen by the Daily Mail . What is a child trust fund? Under the scheme, parents and guardians with kids born between 2002 and 2011 received a voucher to deposit into a CTF account on behalf of their child. Vouchers were worth between £50 and £1,000 depending on when children were born, as well as whether parents were on a low income at the time. These needed to be invested in special CTF accounts provided by a variety… Read full this story
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