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12.—(1) An application by an individual to subscribe to an account in the year in which he first subscribes to that account, and in the year following a year in which that individual has not subscribed to the account, must be made to an account manager in a statement and, subject to paragraph (5), must fulfil the conditions specified in paragraphs (2), (3) and (4).
(2) An application must specify the first year to which the application relates.
(3) An application shall provide for a declaration by the applicant that—
(a)his application is to subscribe to a maxi-account, a mini-account made up of a specified component or a TESSA only account, as the case may be;
(b)the declaration shall have effect for the year to which paragraph (2) refers, and each successive year following that year, in which the applicant subscribes to the account;
(c)all cash subscriptions made, and to be made, to the account are the applicant’s cash;
(d)in the case of a maxi-account, the applicant—
(i)has not subscribed, and will not subscribe, to any other account, not being a TESSA only account, in the year to which paragraph (2) refers, and
(ii)will not subscribe to any other account, not being a TESSA only account, in each successive year following that year, during which the declaration has effect;
(e)in the case of a mini-account, the applicant—
(i)has not subscribed, and will not subscribe, to any other account, not being a mini-account made up of a different type of component than that specified in accordance with sub-paragraph (a) or a TESSA only account, in the year to which paragraph (2) refers, and
(ii)will not subscribe to any such other account as is referred to in paragraph (i), in each successive year following that year, during which the declaration has effect;
(f)the applicant—
(i)is 18 years of age or over, and
(ii)is resident and ordinarily resident in the United Kingdom, or performs duties which, by virtue of section 132(4)(a) of the Taxes Act are treated as being performed in the United Kingdom, and will inform the account manager if he ceases to be so resident and ordinarily resident, or to perform such duties;
(g)the applicant authorises the account manager—
(i)to hold the applicant’s cash subscription, account investments, interest, dividends and any other rights or proceeds in respect of those investments and any other cash;
(ii)to make on his behalf any claims to relief from tax in respect of account investments;
(iii)on the applicant’s request, subject to regulation 9(3)(b), to transfer or pay to him as the case may be, account investments, interest, dividends, rights or other proceeds in respect of such investments or any cash;
(iv)where the application is not in writing, to record the terms of the declaration in a written declaration made on behalf of the applicant.
(4) An application must contain—
(a)the applicant’s full name,
(b)the address of his permanent residence, including postcode,
(c)his national insurance number, or confirmation that he does not have one, and
(d)his date of birth.
(5) In the case of an application to subscribe by way of applying the proceeds from a matured tax-exempt special savings account within regulation 5(1)(a), (b) or (c), where the account matured on or after 6th January 1999 but before 6th April 1999, the declaration in paragraph (3) shall be modified by including a statement that the applicant has not opened, and will not open, a follow-up account.
(6) An account manager may not accept as an account investor any individual if he has reason to believe that—
(a)he is not or might not be a qualifying individual, or
(b)he has given untrue information in his application.
(7) Where paragraph (3)(g)(iv) applies, the account manager shall make the written declaration therein referred to, and send a copy to the applicant and, subject to any corrections notified by the applicant to the account manager within the period of 30 days from the date the copy is sent, and incorporated in a new declaration made by the account manager, any such declaration shall take effect as from the date on which the original declaration was made as a declaration made on behalf of the applicant.
(8) Section 95 of the Management Act(1) shall have effect as if—
(a)the statement and declarations to which paragraphs (1), (3) and (7) refer were a statement or declarations, as the case may be, within the meaning of subsection (1)(b), and
(b)there were substituted for subsection (3) the following words—
“(3) The relevant years of assessment for the purposes of this section are the year of assessment in respect of which any claim to relief or exemption from tax in connection with which the statement or declarations are relevant, is made, the next following, and any preceding year of assessment.”
1970 c. 9; section 95 was amended by section 148 of and Schedule 14 Part VIII to the Finance Act 1988 (c. 39), by section 163 of the Finance Act 1989 (c. 26) and sections 196 and 199 of, and paragraph 27 of Schedule 19, and Schedule 26 Part V(23), to the Finance Act 1994 (c. 9).
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