HMRC alert to parents as cash pots go unclaimed

People could be owed thousands of pounds (Image: Catherine Delahaye via Getty Images)

HM Revenue and Customs (HMRC) has issued an alert to parents regarding unclaimed funds worth "around £2,200". HMRC revealed earlier this year that more than 700,000 individuals aged 18-22 are yet to claim their money, following the establishment of savings accounts by a former Labour administration.

And in a recent post on X, previously 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 accounts set up for every child born between September 1 2002 and January 2 2011. The government contributed £250 for each eligible child, with funds only accessible once the c