Savings (Government Contributions) Act 2017 (c. 2)

(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.

(1) If there is entitlement to an amount of government bonus in respect of a Help-to-Save account, the amount must be paid by the paying authority. (2) The paying authority is the Treasury but, if there are arrangements for government bonuses under this section to be paid by HMRC or the Director of Savings, the paying authority is (as the case may be) HMRC or the Director. (3) Schedule 2— (a) makes provision about the interpretation of this section, and (b) makes further provision in connection with Help-to-Save accounts.