Savings (Government Contributions) Act 2017

1. Introductory Text

2. 1. Government contributions to Lifetime ISAs

3. 2. Government contributions to Help-to-Save accounts

4. 3. Income tax treatment of Government contributions under section 1 or 2

5. 4. Regulations

6. 5. Interpretation and amendments

7. 6. Short title and commencement

8. SCHEDULES

   1. SCHEDULE 1

      Lifetime ISAs: further provision

      1. Part 1 Introductory

         1. Interpretation: meaning of “bonus”, “plan manager” and “document”

            1. 1. (1) In this Schedule “bonus” means a government bonus under...

         2. HMRC responsible for administration of bonuses and withdrawal charges

            1. 2. (1) HMRC are responsible for— (a) the payment and management...

      2. Part 2 Payment of government bonuses

         1. Claims for bonuses

            1. 3. (1) Treasury regulations may— (a) provide that a bonus is...

         2. Recovery of wrongly-paid bonus

            1. 4. (1) Treasury regulations may provide for the repayment of any...

         3. Penalties for inaccuracies in claims

            1. 5. (1) This paragraph applies where— (a) a claim for a...

         4. Information notice may require information related to claim for bonus

            1. 6. (1) This paragraph applies where a claim is made for...

      3. Part 3 Charges on some withdrawals from Lifetime ISAs

         1. Withdrawals not triggering charge

            1. 7. (1) Paragraph 8 does not apply to a withdrawal from...

         2. Charge when non-exempt withdrawal made

            1. 8. (1) Except as provided by or under paragraph 7, this...

         3. Payment of withdrawal charges

            1. 9. (1) Treasury regulations may make provision— (a) for requiring a...

         4. Information notice may require information related to withdrawals

            1. 10. (1) This paragraph applies if there is a time when...

         5. Meaning of “investor” and “withdrawal”

            1. 11. Treasury regulations may make provision about— (a) who, for purposes...

      4. Part 4 Enforcement of information requirements

         1. Penalties for inaccuracies in information provided in response to requirements

            1. 12. (1) This paragraph applies where— (a) in complying with a...

         2. Power to inspect documents relating to claims

            1. 13. (1) This paragraph applies where a claim is made for...

         3. Power to inspect documents relating to withdrawals

            1. 14. (1) This paragraph applies if there is a time when...

         4. Supplementary provisions about inspections

            1. 15. (1) The powers under paragraph 13(2) or 14(2)—

         5. Penalties for non-compliance with information requirements

            1. 16. (1) Sub-paragraph (2) applies to a person who—

      5. Part 5 Further provision about penalties

         1. Penalties for dishonesty

            1. 17. (1) Sub-paragraph (2) applies to a person who dishonestly does...

      6. Part 6 Information sharing

         1. Information sharing between HMRC and others

            1. 18. (1) Sub-paragraph (2) applies to information which—

   2. SCHEDULE 2

      Help-to-Save accounts: further provision

      1. Part 1 Introductory

         1. Interpretation: meaning of “bonus”

            1. 1. In this Schedule “bonus” means a government bonus under section...

         2. HMRC responsibility for administration of bonuses

            1. 2. HMRC are responsible for the payment and management of bonuses,...

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

            1. 3. (1) For the purposes of this Act, an account is...

      2. Part 2 Eligibility

         1. “Eligible person”

            1. 4. (1) For the purposes of this Schedule, an individual is...

         2. Benefit entitlement conditions: working tax credit

            1. 5. (1) The first benefit entitlement condition is that—

         3. Benefit entitlement conditions: universal credit

            1. 6. (1) The second benefit entitlement condition is that—

         4. UK connection condition

            1. 7. (1) The individual meets the “UK connection condition” if the...

         5. Power to make further provision about eligibility

            1. 8. (1) Treasury regulations may— (a) specify benefit entitlement conditions other...

      3. Part 3 Account providers and features of accounts

         1. Authorised account providers

            1. 9. (1) Help-to-Save accounts may be provided only by an authorised...

         2. Required features of Help-to-Save accounts

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

         3. Opening a Help-to-Save account

            1. 11. (1) A Help-to-Save account may be opened for an individual...

         4. Account provider to be notified about absence from UK

            1. 12. (1) Treasury regulations may, in connection with any stipulation that...

         5. Further provision about Help-to-Save accounts

            1. 13. (1) Treasury regulations may, in relation to cases where the...

         6. Successor accounts for certain Help-to-Save accounts

            1. 13A. (1) In this paragraph “matured account” means an account provided...

         7. Accounts wrongly treated as Help-to-Save accounts

            1. 14. (1) Treasury regulations may make provision having effect in a...

      4. Part 4 Government bonuses

         1. Calculation and payment of government bonuses

            1. 15. (1) The individual for whom a Help-to-Save account is opened...

         2. Recovery of wrongly-paid bonus

            1. 16. (1) Treasury regulations may provide for the repayment of any...

      5. Part 5 Information

         1. Information sharing between HMRC and others

            1. 17. (1) Sub-paragraph (2) applies to information which is held as...

         2. Claims and returns

            1. 18. (1) Treasury regulations may— (a) provide that a bonus is...

         3. Information notices

            1. 19. (1) An officer of Revenue and Customs may by notice...

         4. Penalties for inaccuracies in information provided in response to requirements

            1. 20. (1) This paragraph applies where— (a) in complying with a...

         5. Power to inspect documents relating to claims

            1. 21. (1) This paragraph applies where a claim is made by...

         6. Penalties for non-compliance with information requirements

            1. 22. (1) Sub-paragraph (2) applies to a person who—

            2. 23. (1) Sub-paragraph (2) applies to a person who, in complying...

         7. Interpretation: meaning of “document”

            1. 24. In this Part of this Schedule “document” includes a part...