Taxation of Chargeable Gains Act 1992 (c. 12)

Part II U.K. General Provisions relating to computation of gains and acquisitions and disposals of assets

Chapter II U.K. Assets and disposals of assets

General provisions U.K.

[F1 26A Transfer of dormant bank or building society account U.K.

(1) This section applies where the balance of a dormant account held by a person with a bank or building society is transferred—

(a) to an authorised reclaim fund, with the result that section 1 of the Dormant Bank and Building Society Accounts Act 2008 applies in relation to the account, or

(b) to an authorised reclaim fund and one or more charities, with the result that section 2 of that Act applies in relation to the account.

(2) For the purposes of this Act—

(a) the transfer is not to be treated as involving any acquisition or disposal of an asset, and

(b) the person's rights under Part 1 of that Act are to be treated as the same asset as the original rights, acquired as the original rights were acquired and having the same characteristics as those rights.

(3) “The original rights” are the person's rights against the bank or building society immediately before the transfer.

(4) Terms used in this section and in the Dormant Bank and Building Society Accounts Act 2008 have the same meaning in this section as in that Act.]

Textual Amendments

F1 S. 26A inserted (1.2.2011) by Finance Act 2008 (c. 9), s. 39(7)(8); S.I. 2011/23, art. 2