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).