HMRC to pay £1,200 cash to people in Martin Lewis approved scheme with 7.5m eligible
# HMRC to Disburse £1,200 to Participants in Martin Lewis-Endorsed Scheme for 7.5 Million People
The UK government is set to distribute up to £1,200 in cash to individuals participating in the Help to Save scheme, endorsed by financial expert Martin Lewis. This initiative aims to bolster savings among working individuals on low incomes, with around 7.5 million people eligible to benefit from this program.
The Help to Save scheme encourages participants to open accounts that provide a generous return of 50p for every £1 saved. Designed to assist those on lower incomes, this initiative allows account holders to accumulate savings over a four-year period. Once an account is opened, savers can deposit between £1 and £50 monthly, up to a maximum of £2,400 in total contributions. The government then matches these contributions, providing a significant financial boost.
Participants will need to be receiving certain forms of government assistance, such as Universal Credit, in order to qualify for the scheme. The process of applying for a Help to Save account requires individuals to sign up online or via the HMRC’s official platform, ensuring access to those most in need.
The initiative aims not only to support financial stability for low-income individuals but also to promote the habit of saving, which is essential for long-term economic resilience. As part of their commitment, the HMRC underscores that, "Your Help to Save account will close 4 years after you open it. You will not be able to reopen it or open another Help to Save account. You'll be able to keep the money from your account," according to HMRC.
By making this scheme accessible, the government seeks to empower those who might struggle with larger financial commitments and create a pathway toward better financial health.