What key terms does section 5 of the Savings (Government Contributions) Act 2017 define?

Section 5 defines four key terms: a Help-to-Save account as defined in Schedule 2, HMRC meaning His Majesty's Revenue and Customs, a Lifetime ISA as a savings account eligible for government bonus contributions under section 1(2), and Treasury regulations as regulations made by the Treasury under the Act.

How does section 5 affect the Northern Ireland Act 1998?

Section 5 amends the Northern Ireland Act 1998 to classify bonuses paid under the Savings (Government Contributions) Act 2017 as an excepted matter. This ensures that government bonus contributions for Lifetime ISAs and Help-to-Save accounts remain within the legislative competence of the UK Parliament rather than the Northern Ireland Assembly.

What protection does section 5 provide for pending appeals against HMRC information notices?

Section 5 amends the Finance Act 2008 to protect information relating to pending appeals under the Act from HMRC information notices. If an individual is appealing a decision about their Lifetime ISA or Help-to-Save bonus, HMRC cannot use standard information-gathering powers to compel documents relating to that appeal.

What is a Help-to-Save account under the Savings (Government Contributions) Act 2017?

A Help-to-Save account is a government-backed savings account defined in Schedule 2 of the Act. It is designed for people on lower incomes and provides government bonus contributions. HMRC, meaning His Majesty's Revenue and Customs, is the body responsible for administering the scheme under United Kingdom law.

Savings (Government Contributions) Act 2017 section 5

Interpretation and amendments

Section 5 defines key terms used throughout the Act and makes consequential amendments to other legislation to support the operation of Lifetime ISAs and Help-to-Save accounts.

A Help-to-Save account is a government-backed savings account as defined in Schedule 2 of the Act
HMRC refers to the Commissioners for His Majesty's Revenue and Customs, and Treasury regulations are regulations made by the Treasury
A Lifetime ISA is a type of Individual Savings Account eligible for government bonus contributions, as defined in section 1(2) of the Act
Consequential amendments ensure that bonuses under the Act are treated as excepted matters in Northern Ireland and that information relating to pending appeals under the Act is protected from HMRC information notices

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