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The Help-to-Save Accounts Regulations 2025

S.I. 2025/327 · Made 11 March 2025

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

SAVINGS ACCOUNTS

Made 11th March 2025

Laid before the House of Commons 12th March 2025

Coming into force 6th April 2025

The Treasury make these Regulations in exercise of the powers conferred by paragraphs 4(2), 5(2) and 6(3) of Schedule 2 to the Savings (Government Contributions) Act 2017f1.

Annotations to the whole text

Footnotes

f1

2017 c. 2.

Contents

  1. 1Citation and commencement
  2. 2Amendments to the Help-To-Save Accounts Regulations 2018
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Help-To-Save Accounts Regulations 2025 and come into force on 6th April 2025.

2Amendments to the Help-To-Save Accounts Regulations 2018

(1)

Regulation 3 of the Help-To-Save Accounts Regulations 2018f1 is amended as follows.

(2)

In paragraph (3), for sub-paragraph (b), substitute—

“(b)

has earned income in the assessment period immediately preceding the first eligibility reference date equal to or greater than £1.”.

(3)

In paragraph (6) delete sub-paragraph (d).

Signature

Jeff Smith

Anna Turley

Two of the Lords Commissioners of His Majesty’s Treasury

11th March 2025

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Help-to-Save Accounts Regulations 2018 (S. I. 2018/87) (“the 2018 Regulations”).

Regulation 1 provides for citation and commencement.

Regulation 2 makes amendments to paragraphs (3)(b) and (6)(d) of regulation 3 of the 2018 Regulations.

Paragraph (3)(b) of regulation 3 is amended in respect of the eligibility criteria for Help-to-Save accounts for Universal Credit claimants so that the requirement is that claimants must earn at least £1 in the period specified in paragraph (3)(b).

Paragraph (6)(d) of regulation 3 is amended to remove the reference to the national living wage rate.

A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.