Regulation 7 Amendments to the principal Regulations

After regulation 7 there shall be inserted—

“Matured accounts

7A

(1)

Subject to paragraph (2), a society or institution with which a matured account in respect of which the condition in section 326BB(1)(b) of the Taxes Act is satisfied is or has been held shall, if the account-holder so requires by notice to the society or institution, within 30 days after the date of the notice give to the account-holder a certificate containing the information prescribed by paragraph (3) and the declaration prescribed by paragraph (4).

(2)

A society or institution shall not give the certificate referred to in paragraph (1)—

(a)

before the account has matured, or

(b)

after the expiry of a period of 18 months commencing with the date on which the account matured.

(3)

The information prescribed by this paragraph is—

(a)

as regards the account-holder—

(i)

his full name,

(ii)

his permanent address including postcode,

(iii)

if he has one, his national insurance number, and

(b)

as regards the account—

(i)

the name of the society or institution with which it was held when it matured;

(ii)

the number allocated to it by that society or institution;

(iii)

the date on which it matured; and

(iv)

the total amount deposited in, or subscribed for shares in connection with, the account since it was opened.

(4)

The declaration prescribed by this paragraph is a declaration by the society or institution that the account was a tax-exempt special savings account throughout a period of five years and that the information given in the certificate is correct.

Follow-up accounts

7B

(1)

Subsection (2) of section 326BB of the Taxes Act shall not apply to a follow-up account unless, at the time when the total amount deposited in, or subscribed for shares in, the account first exceeds £3,000, the society or institution holds a document of the description prescribed by paragraph (2) containing the information prescribed by that paragraph.

(2)

The description prescribed by this paragraph is that the document is either—

(a)

a certificate given in accordance with regulation 7A(1) and (2) by the society or institution with which the account-holder held a matured account, or

(b)

where the account-holder holds a follow-up account with the same society or institution with which he held a matured account, a record kept by means of a computer or otherwise which was derived from the records of the society or institution and shows—

(i)

as regards the account-holder, the information prescribed by sub-paragraph (a) of regulation 7A(3), and

(ii)

as regards the matured account, the information prescribed by paragraphs (ii) to (iv) inclusive of sub-paragraph (b) of paragraph (3) of that regulation.”