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Finance Act 1995

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This is the original version (as it was originally enacted).

62Follow-up TESSAs

(1)The Taxes Act 1988 shall be amended as follows.

(2)After section 326B there shall be inserted—

326BBFollow-up TESSAs

(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.

(3)In section 326C(1) (regulations about tax-exempt special savings accounts) after paragraph (c) there shall be inserted—

(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 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 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;.

(4)In section 326C(1)(e) for “and 326B” there shall be substituted “326B and 326BB”.

(5)In section 326C after subsection (1) there shall be inserted—

(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.

(6)In section 326C(2) for “section 326B” there shall be substituted “sections 326B and 326BB”.

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