Savings (Government Contributions) Act 2017
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
1 Government contributions to Lifetime ISAs
(1) Where a qualifying addition to a Lifetime ISA is made in a relevant period, HMRC must pay a government bonus. (2) For the purposes of this Act, a “Lifetime ISA” is a plan of a description specified in Treasury regulations. (3) For the purposes of this section and Schedule 1— (a) an addition to a Lifetime ISA is a “qualifying addition” if it is of a description specified in Treasury regulations, and (b) a period is a “relevant period” if it is a period specified in Treasury regulations. (4) A description may be specified under subsection (2)— (a) only if some or all of the income from investments under plans of that description is exempt from income tax as a result of investment plan regulations; (b) even if plans of that description are referred to in investment plan regulations— (i) as individual savings accounts other than lifetime individual savings accounts, or (ii) otherwise than as individual savings accounts. (5) A government bonus under this section is an amount determined in accordance with Treasury regulations. (6) Schedule 1 makes further provision in connection with government bonuses under this section. (7) In subsection (4) “investment plan regulations” means regulations made under section 694 of the Income Tax (Trading and Other Income) Act 2005.
1 Government contributions to Lifetime ISAs
(1) Where a qualifying addition to a Lifetime ISA is made in a relevant period, HMRC must pay a government bonus. (2) For the purposes of this Act, a “Lifetime ISA” is a plan of a description specified in Treasury regulations. (3) For the purposes of this section and Schedule 1— (a) an addition to a Lifetime ISA is a “qualifying addition” if it is of a description specified in Treasury regulations, and (b) a period is a “relevant period” if it is a period specified in Treasury regulations. (4) A description may be specified under subsection (2)— (a) only if some or all of the income from investments under plans of that description is exempt from income tax as a result of investment plan regulations; (b) even if plans of that description are referred to in investment plan regulations— (i) as individual savings accounts other than lifetime individual savings accounts, or (ii) otherwise than as individual savings accounts. (5) A government bonus under this section is an amount determined in accordance with Treasury regulations. (6) Schedule 1 makes further provision in connection with government bonuses under this section. (7) In subsection (4) “investment plan regulations” means regulations made under section 694 of the Income Tax (Trading and Other Income) Act 2005.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.