Income and Corporation Taxes Act 1988

326C Tax-exempt special savings accounts: supplementary. U.K.

(1) The Board may make regulations—

(a) prescribing conditions additional to those set out in section 326A which must be satisfied if an account is to be or remain a tax-exempt special savings account;

(b) making provision for the giving by the Board to building societies and other [F1 persons and] institutions of notices prohibiting them from operating new tax-exempt special savings accounts, including provision about appeals against the giving of notices;

(c) requiring building societies and other [F1 persons and] institutions operating or proposing to operate tax-exempt special savings accounts to give information or send documents to the Board or to make documents available for inspection;

[F2 (cc) providing that subsection (2) of section 326BB does not apply in relation to a follow-up account unless at such time as may be prescribed by the regulations the building society [F3 , person] or institution with which the account is held has a document of a prescribed description containing such information as the regulations may prescribe;

(cd) requiring building societies and other [F1 persons and] institutions operating tax-exempt special savings accounts which mature to give to the individuals who have held them certificates containing such information as the regulations may prescribe;]

(d) making provision as to the transfer of tax-exempt special savings accounts from one building society [F3 , person] or institution to another;

(e) generally for supplementing the provisions of sections 326A [F4 326B and 326BB].

[F5 (1A) In paragraph (cc) of subsection (1) above “document” includes a record kept by means of a computer; and regulations made by virtue of that paragraph may prescribe different documents for different cases.

(1B) Subsection (3) of section 326BB applies for the purposes of subsection (1) above as it applies for the purposes of subsection (1) of that section.]

(2) The reference in section 326A to a deposit account shall be taken to include a reference to a share account with a building society, and accordingly that section, [F6 sections 326B and 326BB] and subsection (1) above shall apply to such an account with the necessary modifications.

Textual Amendments

F1 Words in s. 326C(1)(b)(c)(cd) inserted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 20(7)(a)

F2 S. 326C(1)(cc)(dd) inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 62(3)

F3 Words in s. 326C(1)(cc)(d) inserted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 20(7)(b)

F4 Words in s. 326C(1)(e) substituted (1.5.1995) by Finance Act 1995 (c. 4), s. 62(4)

F5 S. 326C(1A)(1B) inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 62(5)

F6 Words in s. 326C(2) substituted (1.5.1995) by Finance Act 1995 (c. 4), s. 62(6)