Market leading insight for tax experts
View online issue

Help to save accounts opportunity

printer Mail

Certain recipients of universal credit (UC) are entitled to open a help to save account, which pays a tax-free bonus of 50p for every £1 saved into the account. The Low Incomes Tax Reform Group (LITRG) has pointed out that new claimants of UC may be able to open an account even if they are not in a position to save right away. Once the account is opened, the individual remains eligible for the scheme for four years even if they subsequently cease to meet the qualifying conditions. It may therefore be possible to take advantage of the scheme when the financial situation improves, even though the individual is at that point no longer claiming UC.

Issue: 1486
Categories: News