Savings (Government Contributions) Act 2017

Required features of Help-to-Save accounts

10 (1) An account is not a Help-to-Save account unless—

(a) under its terms, the amount that may be added to the account each calendar month (excluding interest or other sums paid by the account provider under the terms of the account and excluding any bonus) does not exceed the maximum monthly amount, and

(b) any requirements imposed by Treasury regulations are met in relation to the account.

(2) In sub-paragraph (1)(a) “the maximum monthly amount” means £50, or such other amount (which may be nil) as may be specified in Treasury regulations.

(3) Treasury regulations may specify whether the requirement imposed by sub-paragraph (1)(a) relates to—

(a) the gross amount added in a calendar month (ignoring withdrawals and the mentioned exclusions), or

(b) the net amount added in a calendar month after taking account of withdrawals (but ignoring those exclusions).

(4) Treasury regulations made for the purposes of sub-paragraph (1)(b) may include provision about deciding whether requirements imposed by the regulations are met.