Do I have to pay zakat on my saveshare’s contribution?
June 27, 2016
Q: I work for BT and I am part of their saveshare scheme. I put in £50 every month from my wage towards the saveshare. The money is held by BT for 3 or 5 years. I do not have access to this money during the 3 or 5 years. Do I have to pay zakat on this?
الجواب حامدا ومصليا ومنه الصدق والصواب
A: It is not correct to assert that you do not have access to this money during the 3 or 5 years. On the contrary, the money is kept in an account on your behalf and you can access to it whenever you want. Of course, you sacrifice the benefit of being in the scheme. The money saved under this scheme is subject to zakat.