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The Help–to–Save Accounts Regulations 2018

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Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Help–to–Save Accounts Regulations 2018 No. 87

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13.—(1) A bonus is to be paid to an account holder—

(a)at the end of the maturity period, and

(b)if earlier, also at the end of the period of 24 months beginning with the month in which the Help-to-Save account is opened (the “first bonus period”).

(2) The amount of a bonus is to be nil if the account is closed or otherwise ceases to be a Help-to-Save account before the end of a period in respect of which a bonus would otherwise be payable.

(3) The amount of a bonus is to be calculated by the authorised account provider by multiplying

A by B where

A is the number of whole pounds in the qualifying balance of the account, and

B is 50 pence.

(4) The qualifying balance, in the case of a bonus that is paid at the end of the first bonus period, or at the end of the maturity period (if earlier), is the highest balance of an account achieved in that period.

(5) The qualifying balance, in the case of a bonus that is paid at the end of the maturity period, if later than the end of the first bonus period, is the highest balance of a Help-to-Save account achieved after the first bonus period, less the highest balance of the account achieved in the first bonus period (if any).

(6) In calculating any qualifying balance, the following are to be disregarded—

(a)the amount of any bonus, interest or other sum paid by the authorised account provider under the terms of the Help-to-Save account;

(b)any sum paid into the Help-to-Save account in breach of the limit specified in regulation 12; and

(c)any sum paid into the Help-to-Save account in breach of regulation 6.

(7) The authorised account provider must pay the bonus to the account holder within 21 days from the end of the first bonus period or the maturity period (as the case requires).

(8) If the account holder dies, paragraph (7) does not apply and the authorised account provider must pay to the account holder’s personal representatives the amount of any bonus accrued to the date of death.

(9) A payment of bonus due under paragraph (8) must be made within 21 days of the end of the month in which HMRC receives evidence of the death of the account holder and of the status of the personal representatives.

(10) For the purposes of paragraph 3(7) of Schedule 2, an account holder is to be considered as suffering from a terminal illness if HMRC has received written evidence from a registered medical practitioner that the account holder is expected to live for less than 12 months.

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