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Savings (Government Contributions) Act 2017

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This is the original version (as it was originally enacted).

1Government contributions to Lifetime ISAs

(1)Where a qualifying addition to a Lifetime ISA is made in a relevant period, HMRC must pay a government bonus.

(2)For the purposes of this Act, a “Lifetime ISA” is a plan of a description specified in Treasury regulations.

(3)For the purposes of this section and Schedule 1—

(a)an addition to a Lifetime ISA is a “qualifying addition” if it is of a description specified in Treasury regulations, and

(b)a period is a “relevant period” if it is a period specified in Treasury regulations.

(4)A description may be specified under subsection (2)—

(a)only if some or all of the income from investments under plans of that description is exempt from income tax as a result of investment plan regulations;

(b)even if plans of that description are referred to in investment plan regulations—

(i)as individual savings accounts other than lifetime individual savings accounts, or

(ii)otherwise than as individual savings accounts.

(5)A government bonus under this section is an amount determined in accordance with Treasury regulations.

(6)Schedule 1 makes further provision in connection with government bonuses under this section.

(7)In subsection (4) “investment plan regulations” means regulations made under section 694 of the Income Tax (Trading and Other Income) Act 2005.

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