HMRC issues reminder of saving scheme

In the press release, HMRC confirmed that £146 million in bonus payments have been received by savers since the HTS scheme launched in 2018. Over 450,000 people have a HTS account.

The scheme is available to those on lower incomes, and pays an attractive 50% bonus, subject to a maximum of £1,200 over four years.

You could be eligible to open a HTS account if you are receiving:

 

• Working Tax Credit
• Child Tax Credit  and are entitled to Working Tax Credit
• Universal Credit and they (with their partner, if it is a joint claim) had take-home pay of £722.45 or more in their last monthly assessment period.

Once the account is open, you can deposit between £1 and £50 each month, with the government topping up the deposits in the second and fourth years. It is possible to accumulate £2,400 in qualifying savings to attain the maximum bonus of £1,200.

HMRC has also produced a helpful video with further information on HTS.