HMRC is urging people to 'unlock a cash boost'

HM Revenue and Customs (HMRC) is encouraging people to "unlock" a financial boost, as hundreds of thousands may be eligible for a lump sum averaging approximately £2,212. Earlier this year, HMRC revealed an estimated 758,000 people had yet to claim their entitlement.

These savings pots were established under a scheme introduced by a former Labour administration in 2005. The Government made an opening contribution of £250, or £500, per child based on family circumstances.

Parents and carers were able to top up the account at their discretion, with withdrawals prohibited until the child reached 18. The tax-free long-term savings accounts were opened for every child born between September 1, 2002, and January 2, 2011.

The funds are held with

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