Saving Gateway Accounts Act 2009

Operation of accounts

8 Maturity payments

(1) The maturity payment in relation to a Saving Gateway account is to be calculated by multiplying A by B where—

• A is the number of whole pounds in the qualifying balance of the account, and

• B is an amount of money (in pence) specified in regulations.

(2) The “qualifying balance” of a Saving Gateway account is the highest balance achieved during the maturity period.

(3) In finding any balance for the purposes of subsection (2), the following are to be disregarded—

(a) interest or other sums paid by the account provider under the terms of the account, and

(b) any sums paid into the account in breach of the limit specified in regulations under section 4(4).

(4) The account provider must pay the maturity payment to the account holder within a period, prescribed by regulations, beginning with the end of the maturity period.

(5) Nothing is payable by virtue of this section where a Saving Gateway account is closed before the end of the maturity period.

9 Statements etc.

(1) Regulations may —

(a) make provision requiring an account provider to send statements of account to the holder of a Saving Gateway account;

(b) specify the form and content of a statement;

(c) specify how often a statement is to be sent.

(2) Section 234A of the Income and Corporation Taxes Act 1988 (c. 1) (duty to provide statement of distribution) does not apply to an account provider in relation to a Saving Gateway account.

10 Account ceasing to be Saving Gateway account

Regulations may specify when an account ceases to be a Saving Gateway account.