UK HMRC Help to Save Extended

On May 23, UK HMRC announced scheme extended until Apr. 2025.

  • UK HMRC confirmed that the Help to Save scheme has been extended until Apr. 2025.
  • Follows UK Treasury, HMRC Mar. 2023 issued spring budget measures, see #166241.
  • Scheme Details
  • Help to Save savings scheme is open to people receiving benefits including working tax credit, child tax credit and universal credit, and offers a generous savings bonus. Scheme is for low-income earners with 50% bonus worth up to £1,200 over 4 years.
  • Savers can deposit £1-£50/month and receive a bonus even if money withdrawn.
  • Savers earn 50p bonus for every £1 saved; bonus payments paid in 2nd and 4th yrs.
  • regarding the bonus payments, after the first 2 years, customers will get a first bonus if they have been using their account to save; bonus is 50% of highest balance saved.
  • After 4 years, customers get final bonus if they continue to save, at 50% of difference between highest balance saved in first 2 years and the highest saved in last 2 years.
  • If their highest balance does not increase, they will not earn a final bonus.
  • The bonus is paid into their bank account, not their Help to Save account.
  • Help to Save was launched in Sep. 2018 and was due to end in Sep. 2023 but it has been extended until Apr. 2025., as announced at Spring Budget on Mar. 15, 2023.

Regulators UK HMRC
Entity Types Bank; BS; CNSM
Reference PR, 5/23/2023
Functions Compliance; Financial; Reporting; Risk; Treasury
Countries United Kingdom
Category Central Government
Products Banking; Deposits; Retirement Plan
Regions EMEA
Rule Type Guidance
Rule Date 5/23/2023
Effective Date 5/23/2023
Rule Id 173650
Linked to N/A
Reg. Last Update 5/23/2023
Report Section UK

Last substantive update on 05/25/2023