Childcare accounts U.K.

22 Withdrawals U.K.

(1) Where the account-holder makes a withdrawal from a childcare account, the account provider must pay the corresponding top-up amount to HMRC from the childcare account.

(2) The “corresponding top-up amount”, in relation to a withdrawal, is R% of the amount of the withdrawal, where R is the percentage for the time being specified in section 1(4).

(3) Accordingly, the maximum amount that may be withdrawn from a childcare account at any time is the relevant percentage of the total amount of funds held in the account at that time.

(4) The “relevant percentage” is the percentage given by—

where R is the percentage for the time being specified in section 1(4).

(5) A withdrawal may not be made from a childcare account at any time when a top-up payment is payable into the account.

Commencement Information

I1 S. 22 in force at 14.11.2016 for the purposes of the trial by S.I. 2016/1083, reg. 2(c)

I2 S. 22 in force at 21.4.2017 for specified purposes by S.I. 2017/578, reg. 2

I3 S. 22 in force at 16.5.2017 so far as not already in force in respect of those recruited to participate in the trial by S.I. 2017/578, reg. 4

I4 S. 22 in force at 14.7.2017 for specified purposes by S.I. 2017/750, reg. 2(1)(2)(d)

I5 S. 22 in force at 24.11.2017 for specified purposes by S.I. 2017/1116, reg. 2

I6 S. 22 in force at 15.1.2018 for specified purposes by S.I. 2018/27, reg. 2(1)(3)(4)