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HMRC Explains New Tax Incentives For Low-Income Savers

by Amanda Banks, Tax-News.com, London

09 October 2017


HM Revenue and Customs (HMRC) will offer tax incentives to encourage people on low incomes to save under a new scheme set to launch in 2018.

Under Help to Save, savers can deposit up to GBP50 (USD66) per month over a four-year period and could receive up to GBP1,200 in tax-free bonuses.

At the end of two years, savers will get a 50 percent bonus based on the highest balance achieved. Customers can then carry on saving for another two years and get another 50 percent bonus on their additional savings.

The scheme will be open to working people who receive Working Tax Credits, and those who receive Universal Credit with a household income equivalent to at least 16 hours a week at the national living wage (currently GBP120 a week).

TAGS: tax | tax incentives | United Kingdom | HM Revenue and Customs (HMRC) | HM Revenue and Customs (HMRC)

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