Savings (Government Contributions) Act 2017 section 15

Bonus entitlement and payment for Help-to-Save accounts

Section 15 establishes who is entitled to the government bonus on a Help-to-Save account and sets out the framework for how bonuses are calculated and paid.

• The individual for whom the Help-to-Save account is opened is the person entitled to receive the government bonus on that account.
• Treasury regulations must set out how the bonus amount is calculated, and may provide for a single bonus covering the whole maturity period or separate bonus amounts for different parts of that period.
• If an account is closed or ceases to be a Help-to-Save account before the end of its maturity period, the regulations may provide that the bonus is nil.
• Regulations may specify whether the bonus is paid as a single payment or multiple payments, whether it is added to the account or paid out separately, and how bonus payments are handled if the account holder has died.