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
-
Loan Charge settlement offers begin to land
HMRC has begun sending formal settlement offers to individuals and employers with outstanding Loan Charge liabilities, alongside detailed new guidance explaining how offers will be calculated and how long recipients have to respond. What’s the full story?
-
The hidden income tax benefit of marriage
You recently got married and a relative joked that you can save lots of money because of the tax breaks for married couples. As a newlywed are you entitled to a reduction in your income tax bill?
-
September deadline to opt out of winter fuel payment
Pensioners whose income is over £35,000 have only days left to opt out of the 2026/27 Winter Fuel Payment and avoid having it recovered through the tax system. What do you need to know?