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HMRC urges hundreds of thousands of young adults to check if they're owed £2,000

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HM Revenue & Customs (HMRC) has issued a warning for nearly half a million young adults who could be missing out on around £2,000.

According to the government department, almost 430,000 people aged between 18 and 21 have an unclaimed Child Trust Fund. The tax-free savings funds, worth an average of £2,000, were set up for every child born between September 1, 2002 and January 2, 2011.

The government contributed an initial deposit of £250 minimum, with young adults being eligible to withdraw once the account matures from the age of 18.

A UCAS survey of first and second year university students revealed that 43 per cent were more interested in how much money was in their account while only 32 per cent knew how to claim it. Read more: DWP to introduce major shake up for PIP, Universal Credit, and ESA next year Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: "Many 18-21 year olds are starting out in first jobs or apprenticeships, starting university or moving into their first home and their Child Trust Fund is a pot of money with their name on.

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