SCHEDULES
SCHEDULE 2Help-to-Save accounts: further provision
Part 1Introductory
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.