The government provides an initial deposit of at least £250
Thousands of young adults in the UK may be able to claim up to £2,000 cash from HM Revenue and Customs .
Child Trust funds are long-term tax-free savings accounts that were set up for children born between September 1, 2002 and January 2, 2011. Funds can be withdrawn once the child turns 18 and the government initially provides a deposit of at least £250.READ MORE: Liverpool Council to demand three years worth of rent from St Johns Market traders
HMRC said there are currently 5.3m open Child Trust Fund accounts, which young people aged 16 or over can take control of - although the funds can only be withdrawn once they turn 18. 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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