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Help to save scheme

12 January 2021      Julia Ascott, Employment Taxes Specialist

First launched in 2018, the first Help to Save bonus payment was paid out before Christmas, with an average bonus paid of £378.  Might be something you want to recommend to your employees, particularly lower paid staff.

What is it: For every £1 saved, people can earn a bonus of 50 pence, over four years. The 50% bonus is payable at the end of the second and fourth years and is based on how much account holders have saved.

Who can apply: People can open a Help to Save account if any of the following applies:

  • they are receiving Working Tax Credit
  • they are entitled to Working Tax Credit and receiving Child Tax Credit
  • they are claiming Universal Credit and they (with their partner if it’s a joint claim) earned £604.56 or more from paid work in their last monthly assessment period


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