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Statutory Instruments
SAVINGS ACCOUNTS
Made
11th March 2025
Laid before the House of Commons
12th March 2025
Coming into force
6th April 2025
The Treasury make these Regulations in exercise of the powers conferred by paragraphs 4(2), 5(2) and 6(3) of Schedule 2 to the Savings (Government Contributions) Act 2017(1).
1. These Regulations may be cited as the Help-To-Save Accounts Regulations 2025 and come into force on 6th April 2025.
2.—(1) Regulation 3 of the Help-To-Save Accounts Regulations 2018(2) is amended as follows.
(2) In paragraph (3), for sub-paragraph (b), substitute—
“(b)has earned income in the assessment period immediately preceding the first eligibility reference date equal to or greater than £1.”.
(3) In paragraph (6) delete sub-paragraph (d).
Jeff Smith
Anna Turley
Two of the Lords Commissioners of His Majesty’s Treasury
11th March 2025
(This note is not part of the Regulations)
These Regulations amend the Help-to-Save Accounts Regulations 2018 (S. I. 2018/87) (“the 2018 Regulations”).
Regulation 1 provides for citation and commencement.
Regulation 2 makes amendments to paragraphs (3)(b) and (6)(d) of regulation 3 of the 2018 Regulations.
Paragraph (3)(b) of regulation 3 is amended in respect of the eligibility criteria for Help-to-Save accounts for Universal Credit claimants so that the requirement is that claimants must earn at least £1 in the period specified in paragraph (3)(b).
Paragraph (6)(d) of regulation 3 is amended to remove the reference to the national living wage rate.
A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.
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