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