HMRC alert as Brits born between these years owed over £2,000 - how to claim

Hundreds of thousands of Brits are being urged to claim cash pots worth an average of £2,212 each. HM Revenue and Customs (HMRC) revealed earlier this year that more than 670,000 people aged 18 to 22 should "cash in their stash".

This is in reference to savings accounts set up for them by a former Labour administration.

Child Trust Funds are long-term, tax-free savings accounts that were created for every child born between 1 September 2002 and 2 January 2011.

The Government paid £250 into these accounts for each qualifying child, with the funds only becoming available once the child turned 18.

As reported by Yorkshire Live, these savings are held with banks, building societies or other financial providers, and the money stays in the account until it's withdrawn or reinvested.

It's believed that hundreds of thousands of these accounts have yet to be claimed. Young people or their parents or guardians who know their Child Trust Fund provider can get in touch with them directly.

Those who don't know can use an online tool on GOV.UK to identify their Child Trust Fund provider.

Angela MacDonald, HMRC's second permanent secretary and deputy chief executive, said: "Thousands of Child Trust Fund accounts are sitting unclaimed. We want to reunite young people with their money and we're making the process as simple as possible.

"You don't need to pay anyone to find your Child Trust Fund for you, locate yours today by searching 'find your Child Trust Fund' on GOV.UK."

Certain third-party companies are offering their services to assist people in locating their Child Trust Funds, often imposing fees - for instance, one agent charges up to £350 or 25 per cent of the savings account value.

However, choosing an agent could significantly reduce the funds you receive, likely take more time, and customers still need to provide the same details they would if conducting the search on their own.

How to find your Child Trust Fund

Over the past year, more than 450,000 people have successfully used the free service on GOV.UK to locate their Child Trust Fund using just their National Insurance number and date of birth.

After using the online finder, HMRC promises to send a letter with the details of the respective Child Trust Fund provider; this usually happens within three weeks of the initial enquiry.

If there is no response after six weeks, it's recommended to contact HMRC in writing, including any reference number if available.