Savings (Government Contributions) Act 2017 section Schedule 2 para 23

Penalty for deliberately providing inaccurate information

Schedule 2, paragraph 23 imposes a penalty on anyone who deliberately provides materially inaccurate information when applying for a Help-to-Save account.

• When applying for a Help-to-Save account, applicants must provide certain required information as part of the application process.
• If a person deliberately provides information that is inaccurate in a material way, they are liable to a fixed penalty — currently £3,000, as specified in the Finance Act 2008.
• The inaccuracy must be both material (i.e. significant enough to matter) and deliberate (i.e. not simply an honest mistake) for the penalty to apply.
• The assessment, appeal and enforcement procedures for this penalty follow the same rules as those for equivalent penalties under Schedule 36 to the Finance Act 2008.