SCHEDULES
SCHEDULE 6Dormant assets
Exemption for reclaim amounts in respect of individual investment plans
4
(1)
An amount is exempt from income tax and capital gains tax if and to the extent that—
(a)
it is paid out of an authorised reclaim fund in respect of a relevant dormant asset, and
(b)
the amount transferred to the fund in respect of the asset was an amount owing to a person by virtue of an investment to which regulations under Chapter 3 of Part 6 of ITTOIA 2005 (exemption for income from individual investment plans) applied.
(2)
In this paragraph—
“authorised reclaim fund” has the same meaning as in the Dormant Assets Acts 2008 to 2022;
“relevant dormant asset” has the same meaning as in section 39(2) of FA 2008 (as substituted by paragraph 2).