Latest news with #HMRC-allocated
Leader Live
09-06-2025
- Business
- Leader Live
Wrexham case as extent of unclaimed Child Trust Funds revealed
Almost half (46.1%) of that belongs to those from low-income backgrounds who may need the money most. As of the end of May, nearly 35,000 young people across the country are unaware of their accounts and don't have access to what is rightfully theirs, according to figures from The Share Foundation. The data comes as child poverty in Wales is set to reach its highest rate in 30 years, with the Joseph Rowntree Foundation warning that more than 34% of children could be living in low-income families by the end of the decade. The Share Foundation, a registered charity that runs Junior ISA and Child Trust Fund schemes for young people in care throughout the UK on behalf of the Department for Education, is calling for the government to introduce automatic release of HMRC-allocated Child Trust Fund money when recipients turn 21. Under the proposal, countersigned by former Minister Ruth Kelly and parliamentarians from both Houses, account providers would be required to close and pay out proceeds via Government National Insurance channels for all unclaimed HMRC-allocated matured Child Trust Funds. 'Child poverty is becoming one of the big issues of our time,' commented Gavin Oldham OBE, Chair of Trustees at The Share Foundation. 'We need to break the cycle of deprivation which is why, over the past 12 years, we have been committed to establishing starter capital accounts for young people in care and helping young people from low-income backgrounds access Child Trust Funds they never even knew existed. "These initiatives are delivering positive outcomes exactly when families need them most.' To date, The Share Foundation has matched more than 85,000 young people with their Child Trust Funds, recovering over £165 million for young adult account owners through its free search facility developed with HMRC and Child Trust Fund account providers. The charity's mission is to encourage and facilitate inter-generational rebalancing by providing young people from disadvantaged backgrounds with both material resources and life skills knowledge to achieve their potential in adult life. TOP STORIES TODAY One of those who has discovered that he was entitled to the funds was Corey Polley from Wrexham. The 20-year-old has been self-employed for the last three years, doing timber framing. About two years ago, he found out about the Child Trust Fund through a family member. He used the Share Foundation website to see where his fund was held, a process which took 'about a week'. He claimed around £800 which has paid for his tools which was really important for him in his job, as otherwise it would have been harder for him to progress his career with the tools he had before. He has since told his friends who have also claimed their money. Corey said: 'Finding out about this money has been a massive help. I had no idea it even existed and it came at the perfect time when I was starting out in my career. "So many young people like me still don't know the child trust fund exists, so The Share Foundation's proposal for young people to get their fund automatically paid when they turn 21 makes a lot of sense. It could give other young people the same head start I got.'
South Wales Argus
03-06-2025
- Business
- South Wales Argus
£69m unclaimed Child Trust Funds in Wales, charity says
In Wales alone, £69 million remains untouched in HMRC-allocated Child Trust Funds (CTFs), according to The Share Foundation. Nearly half of these accounts (46.1 per cent) belong to young people from low-income backgrounds. The Share Foundation is calling for automatic payments of these funds to eligible account holders once they turn 21. Gavin Oldham, chairman of trustees at The Share Foundation, said: "Child poverty is becoming one of the big issues of our time. "We need to break the cycle of deprivation which is why, over the past 12 years, we have been committed to establishing starter capital accounts for young people in care and helping young people from low-income backgrounds access Child Trust Funds they never even knew existed. "These initiatives are delivering positive outcomes exactly when families need them most." The charity has already helped more than 85,000 young people access at least £165 million in matured CTFs.
