Slaughter and May advised H.M. Treasury - Help to Buy: ISA Scheme

01 Dec 2015

Slaughter and May, working closely with Treasury Legal Advisers, advised H.M. Treasury on legal aspects of the Help to Buy: ISA Scheme which was announced by the Chancellor of the Exchequer in the March 2015 Budget, and which launched on 1 December 2015.

The Help to Buy: ISA Scheme is part of HM Government’s wider programme to assist first time home buyers. Under the Scheme individuals can save for a home by putting savings of up to £200 per month (or up to £1,200 in the first month) into a dedicated cash ISA account. On closing their account, H.M. Treasury will pay savers a bonus. The amount of the bonus paid to any individual will be equal to 25 per cent. of the closing balance of the account, with the minimum bonus payable being £400 and the maximum being £3,000. The bonus must be used to fund a home purchase worth up to £450,000 in London and up to £250,000 outside London.

Slaughter and May also advised H.M. Treasury on certain servicing arrangements relating to the operation of the Scheme, which will be administered by UKAR Corporate Services Limited.

Contacts

Tom Vickers (partner), Robert Withycombe-Taperell (associate), Claire Cooke (associate), Ben Isherwood (trainee), Sarahanne Jackson (trainee); Tax: William Watson (partner), Gareth Miles (partner), Sarah Osprey (associate); Real Estate: John Nevin (partner); IP and IT: David Ives (partner), Duncan Blaikie (associate), Sarah Mateen (associate); Data Protection: Rebecca Cousin (partner), Cindy Knott (associate); Financial Regulation: Nick Bonsall (associate); Dispute Resolution: Damian Taylor (associate)


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