[F1326BB Follow-up TESSAs.U.K.
(1)Subsection (2) below applies where—
(a)an individual, within the period of six months from the day on which a tax-exempt special savings account held by him matured, opens another account (“a follow-up account”) which is a tax-exempt special savings account at the time it is opened; and
(b)the total amount deposited in the matured account, before it matured, exceeded £3,000.
(2)In relation to the follow-up account section 326B(2)(a) shall apply as if the reference to £3,000 were a reference to the total amount so deposited.
(3)For the purposes of subsection (1) above a tax-exempt special savings account held by an individual matures when a period of five years throughout which the account was a tax-exempt special savings account comes to an end.
(4)An account is not connected with another account for the purposes of section 326A(8) merely because one of them is a follow-up account.]
Textual Amendments
F1S. 326BB inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 62(2)