Source · Select Committees · Public Accounts Committee
Recommendation 19
19
HMRC's data on unclaimed Child Trust Fund accounts remains significantly out-of-date.
Conclusion
HMRC’s understanding of accounts yet to be claimed is nearly two years out-of-date: its most recent estimate of the number of Child Trust Fund accounts yet to be claimed 22 Qq 27, 86; Hansard, HC written answer, Child Trust Fund, UIN 181783, answered 24 April 2023 23 Q 1; C&AG’s Report, para 4.2 24 Qq 69, 94 25 Q 72 ; C&AG’s Report, para 4.15 26 Qq 72–75 27 Qq 66, 89, 92–93 28 Qq 44, 81–82, 94 29 Qq 34, 87 14 Child Trust Funds is based on data collected in April 2021, seven months after the first accounts matured. It told us that it intends to publish its next set of statistics in summer 2023 based on data from April 2022.30
Government Response
A response document is linked to this report, dated 24 September 2023. Response attribution to this conclusion has not been verified. Read the response document ↗