Charities are likely to benefit to the tune of a couple of hundred million pounds thanks to a new governement initiative to distribute money from dormant accounts.
In its pre-Budget report yesterday, the government announced that money left in dormant accounts will now be handed over to charities and good causes. But there needs to be inactivity on an account for 15 years or more before it is considered dormant, and you can also reclaim your money if you have to, even if it has already been distibuted to charities.
It might be a good time to think about whether you’ve got accounts that you’ve forgotten about.