HMRC says thousands owed 'around £2,200'

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

In a recent post on X, formerly 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 created for every child born between September 1 2002 and January 2 2011.

The government deposited £250 for each eligible child, with the funds only becoming accessible once the child reached 18 years of age, reports the Mirror . These savings are held