# Finance Act 2022, Paragraph 4: Exemption for reclaim amounts in respect of individual investment plans

Extent: E+W+S+N.I.

(1) An amount is exempt from income tax and capital gains tax if and to the extent that—
(a) it is paid out of an authorised reclaim fund in respect of a relevant dormant asset, and
(b) the amount transferred to the fund in respect of the asset was an amount owing to a person by virtue of an investment to which regulations under Chapter 3 of Part 6 of ITTOIA 2005 (exemption for income from individual investment plans) applied.
(2) In this paragraph—
“authorised reclaim fund” has the same meaning as in the Dormant Assets Acts 2008 to 2022;
“relevant dormant asset” has the same meaning as in section 39(2) of FA 2008 (as substituted by paragraph 2).

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Source: https://www.legislation.gov.uk/ukpga/2022/3/schedule/6/paragraph/4 (the official version)
Page: https://openlegislation.uk/finance-act-2022/schedule-6/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.