The Individual Savings Account Regulations 1998

Transfers from matured tax-exempt special savings accounts U.K.

5.—(1) Subject to paragraph (3), a qualifying individual whose tax-exempt special savings account matures on or after 6th April 1999, may within the period of six months from the day on which it matured, apply the proceeds from that account, not exceeding the total amount deposited in the matured account, before it matured, in making subscriptions—

(a) to a maxi-account held by him, which includes a cash component, to which those subscriptions shall be irrevocably allocated, or

(b) to a mini-account made up of a cash component, held by him, or

(c) to a TESSA only account held by him,

and such subscriptions shall not count towards the subscription limits in regulation 4(2) and (3)(a), as the case may be.

(2) In relation to a qualifying individual, whose tax-exempt special savings account matures on or after 6th January 1999, but before 6th April 1999, and who does not open a follow-up account in relation to that account, paragraph (1) shall apply with the modification that the reference to the period of six months is replaced with a reference to so much of that period as falls on or after 6th April 1999.

(3) Paragraph (1) shall not apply unless, at the time when the first subscription referred to in paragraph (1) is made, the account manager holds either—

(a) a certificate given by the society[F1 , person] or institution with which the qualifying individual held the matured account, containing the information prescribed by paragraph (4) and the declaration prescribed by paragraph (5), or

(b) where the account manager is the same society[F1 , person] or institution with which the qualifying individual held the matured account, a record kept by means of a computer or otherwise which was derived from the records of the society[F1 , person] or institution and shows—

(i) as regards the account-holder, the information prescribed by sub-paragraph (a) of paragraph (4), and

(ii) as regards the matured account, the information prescribed by paragraphs (ii) to (iv) of sub-paragraph (b) of paragraph (4).

(4) The information prescribed by this paragraph is—

(a) as regards the account-holder—

(i) his full name,

(ii) his permanent address including postcode, and

(iii) if he has one, his national insurance number, and

(b) as regards the matured account—

(i) the name of the society[F2 , person] or institution with which it was held when it matured,

(ii) the number allocated to it by that society[F2 , person] 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.

(5) The declaration prescribed by this paragraph is a declaration by the society[F3 , person] or institution that the account was a tax-exempt special savings account throughout a continuous period of five years and that the information given in the certificate is correct.

Textual Amendments

F1 Word in reg. 5(3)(a)(b) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 170

F2 Word in reg. 5(4)(b)(i)(ii) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 170

F3 Word in reg. 5(5) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 170