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HMRC intends to review the mechanism for calculating the bonus or interest rate applied to save-as-you-earn (SAYE) scheme contracts. The review will consider options to simplify the mechanism, although HMRC’s guidance does not explain what these might be. Until the review is complete, the bonus rate will remain at 0%.
A further update is expected before the end of summer 2022.
Three and five-year SAYE contracts include a bonus or payment of interest which, in principle, pays out at the end of the contract. The bonus or interest rate is expressed as a multiple of the monthly amount saved into the scheme.
