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NEW HMRC HELP TO SAVE SCHEME RULES MEAN 550,000 MORE PEOPLE - INCLUDING DWP UNIVERSAL CREDIT CLAIMANTS - COULD GET A BOOST FROM THE TAXMAN, HMRC 08:35, 21 Apr 2025 Thousands on Universal
Credit are set to benefit from a new £50 rule. New HMRC Help to Save scheme rules mean 550,000 more people - including Universal Credit claimants - could get a boost from the taxman, HMRC.
The scheme - launched in 2018 - is designed to help those on lower incomes for putting money aside. Now, stats show 550,000 could benefit as the Labour Party government broadens the scheme.
HMRC has announced an expansion of its Help to Save scheme, extending it to an additional 550,000 people who are employed and receiving Universal Credit. The scheme offers a 50p reward for
every £1 saved over a four-year period. Article continues below READ MORE 14 COUNTIES IN ENGLAND SET TO ROAST IN NEW UK MINI-HEATWAVE NEXT WEEK Savers can deposit up to £50 per month into
the scheme. Over the full four-year term, savers who deposit the maximum of £2,400 will qualify for a £1,200 bonus, with payments made at the end of the second and fourth years. For each
calendar month, you may only pay a maximum of £50 into the account, even if you have made a withdrawal that month (see the heading below). However, you do not need to pay the maximum or
indeed anything at all. You should only pay what you can afford. If you do make a payment into the account, it must be between £1 and £50. If you attempt to exceed the monthly limit of £50,
the payment which causes you to exceed that limit will simply be returned to you. If you pay less than £50 into the account in a month, you should be aware that you will lose the opportunity
to achieve a 50% bonus on the shortfall. It is not possible to make up the difference in a subsequent month. Article continues below For example, if you only pay £30 into the account in one
month, the limit for each subsequent month will remain unchanged at £50. Emma Reynolds, Economic Secretary to the Treasury, said: "We want more people to have a bit in the kitty for a
rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support."