The government has set out the administrative arrangements between HMRC and National Savings and Investments (NS&I) over certain aspects of help-to-save accounts not covered specifically in regulations. These arrangements concern:
account statements;
records to be kept by NS&I; and
claims for bonuses by NS&I.
The document forms part of the consultation on the draft Help-to-Save Accounts Regulations, which runs until 27 October (see http://bit.ly/2f0m4bK).
The scheme will be introduced through the Savings (Government Contributions) Act 2017 from April 2018. It will be open to adults in receipt of universal credit with minimum weekly household earnings equivalent to 16 hours at the national living wage, or those in receipt of working tax credit. The government will provide a 50% bonus on up to £50 of monthly savings into a help-to-save account. The bonus will be paid after two years with an option to save for a further two years, meaning people can save up to £2,400 and benefit from government bonuses worth up to £1,200.
The government has set out the administrative arrangements between HMRC and National Savings and Investments (NS&I) over certain aspects of help-to-save accounts not covered specifically in regulations. These arrangements concern:
account statements;
records to be kept by NS&I; and
claims for bonuses by NS&I.
The document forms part of the consultation on the draft Help-to-Save Accounts Regulations, which runs until 27 October (see http://bit.ly/2f0m4bK).
The scheme will be introduced through the Savings (Government Contributions) Act 2017 from April 2018. It will be open to adults in receipt of universal credit with minimum weekly household earnings equivalent to 16 hours at the national living wage, or those in receipt of working tax credit. The government will provide a 50% bonus on up to £50 of monthly savings into a help-to-save account. The bonus will be paid after two years with an option to save for a further two years, meaning people can save up to £2,400 and benefit from government bonuses worth up to £1,200.
