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This response document provides the government’s response to the technical consultation on the draft Help to Save regulations. We have considered the responses and this has informed the drafting of the final regulations.
These regulations were laid before Parliament on 11 December 2017. The Help to Save scheme will begin with a trial in January 2018, rolling out in stages to increasing numbers.
In May 2016, the government published a formal consultation document in which it sought views on the principles and framework for implementing the Help to Save accounts scheme. The consultation ended on 21 July 2016. The government response to this consultation was published in October 2016.
The primary legislation setting out the Help to Save scheme is covered in Schedule 2 of the Savings (Government Contributions) Act 2017. The Act provides the overall structure of the scheme and the way in which it will operate. It also contains a number of delegated powers to be exercised by regulations. Regulations are needed to set out the main features, processes and requirements in relation to Help to Save accounts.
This technical consultation will be of interest to individuals, financial providers and civil society organisations with an interest in the scheme.
HM Revenue and Customs has published these draft regulations together with a draft explanatory memorandum for a period of technical consultation.