HMRC issues reminder of saving scheme
Help to Save (HTS) has been around for five years. In a recent press release, HMRC has revealed the level of bonus payments paid out to participants and encouraged others to look at using the scheme. So how does it work?
In the press release, HMRC confirmed that £146 million in bonus payments have been received by savers since the HTS scheme launched in 2018. Over 450,000 people have a HTS account.
The scheme is available to those on lower incomes, and pays an attractive 50% bonus, subject to a maximum of £1,200 over four years.
You could be eligible to open a HTS account if you are receiving:
- Working Tax Credit
- Child Tax Credit and are entitled to Working Tax Credit
- Universal Credit and they (with their partner, if it is a joint claim) had take-home pay of £722.45 or more in their last monthly assessment period.
Once the account is open, you can deposit between £1 and £50 each month, with the government topping up the deposits in the second and fourth years. It is possible to accumulate £2,400 in qualifying savings to attain the maximum bonus of £1,200.
HMRC has also produced a helpful video with further information on HTS.
Related Topics
-
The Deputy Prime Minister, SDLT and a tale of woe
You can’t have missed the recent furore surrounding the apparent tax dodging exploits of Angela Rayner. The issues involved might seem remote for most taxpayers, but are there lessons to be learned for all of us?
-
In-year relief claim? Prove it
Taxpayers not in self-assessment and who need to claim relief on pension contributions must now send evidence to HMRC. What’s the full story?
-
HMRC has withdrawn Form 652. How should you notify VAT errors going forward?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.