The government has decided to trial the introduction of help-to-save accounts, rolling-out to controlled groups of users from January 2018, with full implementation expected by October 2018.
The government has decided to trial the introduction of help-to-save accounts, rolling-out to controlled groups of users from January 2018, with full implementation expected by October 2018. A revised set of draft regulations has been published, following consultation on a first draft during September and October. Changes made to the regulations following consultation include:
clarification that savers who close their account before the end of the four-year maturity period do not have to repay any bonus earned in the first bonus period;
eligibility based on universal credit will be assessed on the basis of earnings in the last assessment period, as provided by DWP;
the wording now makes clear that eligibility for help-to-save will take account of revised awards of tax credits, as well as initial awards; and
reference is made to a wider range of circumstances where eligible persons are unable to act.
Help-to-save is a government backed savings account open to those claiming working tax credit who will be able to pay in up to £50 a month and receive a 50% government bonus on their savings.
The government has decided to trial the introduction of help-to-save accounts, rolling-out to controlled groups of users from January 2018, with full implementation expected by October 2018.
The government has decided to trial the introduction of help-to-save accounts, rolling-out to controlled groups of users from January 2018, with full implementation expected by October 2018. A revised set of draft regulations has been published, following consultation on a first draft during September and October. Changes made to the regulations following consultation include:
clarification that savers who close their account before the end of the four-year maturity period do not have to repay any bonus earned in the first bonus period;
eligibility based on universal credit will be assessed on the basis of earnings in the last assessment period, as provided by DWP;
the wording now makes clear that eligibility for help-to-save will take account of revised awards of tax credits, as well as initial awards; and
reference is made to a wider range of circumstances where eligible persons are unable to act.
Help-to-save is a government backed savings account open to those claiming working tax credit who will be able to pay in up to £50 a month and receive a 50% government bonus on their savings.
