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Savings (Government Contributions) Act 2017

Status:

This is the original version (as it was originally enacted).

Interpretation: meaning of “Help-to-Save account”

3(1)For the purposes of this Act, an account is a “Help-to-Save account” if—

(a)it is an account for money savings,

(b)a single individual is beneficially entitled to all money in the account,

(c)the account is held—

(i)by the individual alone, or

(ii)in some other way authorised by Treasury regulations,

(d)the individual is an eligible person (see paragraph 4) on the eligibility reference dates,

(e)the account is provided by an authorised account provider (see paragraph 9),

(f)the requirements imposed by and under paragraph 10 are met in relation to the account,

(g)the account has been opened in accordance with the requirements imposed by and under paragraph 11, and

(h)the account has not ceased to be a Help-to-Save account.

(2)An account which is a Help-to-Save account ceases to be a Help-to-Save account—

(a)at the end of the maturity period for the account, or

(b)if the requirements imposed by and under paragraph 10 cease to be met in relation to the account before the end of that period.

(3)Treasury regulations may make provision for an account to be treated as a Help-to-Save account.

(4)In this Schedule “the eligibility reference dates”, in relation to an account, means the following dates—

(a)the date on which the application for the account is made, and

(b)the date on which the application is accepted.

(5)For the purposes of this Schedule, a Help-to-Save account is opened for an individual if the account is opened and the individual is the person beneficially entitled to all money in the account.

(6)In this Schedule “the maturity period”, in relation to a Help-to-Save account, means—

(a)the period of 48 calendar months, or such other period as may be specified in Treasury regulations, beginning with the calendar month in which the account is opened, or

(b)if the individual for whom the account is opened becomes terminally ill or dies before the end of the period given by paragraph (a), the period—

(i)beginning with the calendar month in which the account is opened, and

(ii)ending with the individual’s becoming terminally ill or (as the case may be) the individual’s death.

(7)Treasury regulations may make provision for the purposes of sub-paragraph (6)(b) about when an individual is to be considered to become terminally ill.

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