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The Government has launched its new ‘Help to Save’ scheme, which is designed to encourage workers on lower incomes to save.
The government-backed scheme was originally due to come into force in April 2018, but was subject to a delay.
Under the scheme, eligible individuals can save up to £50 every calendar month, for up to four years. After two years they will receive a 50% tax-free bonus on their savings, followed by a further 50% bonus after four years, on any additional savings made.
This means that taxpayers saving the maximum of £2,400 over four years would receive a total bonus of £1,200.
The scheme is open to working people who are entitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit. It is also available to those claiming Universal Credit who have a household or individual income of at least £542.88 at their last monthly assessment. (Universal Credit payments are not included in household income for this purpose.)
Help to Save will be available until September 2023.
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