- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)An account is “dormant” at a particular time if—
(a)the account has been open throughout the period of 15 years ending at that time, but
(b)during that period no transactions have been carried out in relation to the account by or on the instructions of the holder of the account.
(2)But an account is to be treated as not dormant if at any time during that period—
(a)the bank or building society in question was under instructions from the holder of the account not to communicate with that person about the account, or
(b)under the terms of the account—
(i)withdrawals were prevented, or
(ii)there was a penalty or other disincentive for making withdrawals in all circumstances.
(3)For the purposes of subsection (1) an account is to be treated as remaining open where it is closed otherwise than on the instructions of the holder of the account.
(4)For the purposes of subsection (2)(b)(i) withdrawals are prevented if they are prevented except as permitted by provision made under subsection (4)(d) of section 3 of the Child Trust Funds Act 2004 (c. 6) (requirements to be satisfied by child trust funds).
(5)The Treasury may by order amend the figure in subsection (1)(a).
(6)An order under this section may not be made unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, each House of Parliament.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: