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Sunday, 22 November 2009
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Government, citizens and rights
Saving Gateway Bill
The purpose of this Bill is to provide a financial incentive to saving among the poorest in society.
The main elements of the Bill
The main elements of the Bill are to:
- establish a Saving Gateway accounts scheme, as announced in Budget 2008, and give HM Revenue and Customs the necessary powers to administer it, including to approve providers of the scheme and provide for penalties in cases of fraud and maladministration
- permit financial institutions to offer and operate Saving Gateway accounts and set out the duties of financial institutions in relation to the scheme
- allow the government to define who will be eligible to apply for accounts, and enable it to pay out matched funding to savers on account maturation
Additional links
Draft Legislative Programme
The public consultation on proposals for new laws has ended - the Government will now be considering the responses received
