http://www.legislation.gov.uk/uksi/2011/22/contents/made

The Dormant Bank and Building Society Accounts (Tax) Regulations 2011

Income tax

Building societies

Tax

en

King's Printer of Acts of Parliament

2017-07-13

INCOME TAX

These Regulations make provision for tax on accounts with banks and building societies treated as “dormant accounts” under the Dormant Bank and Building Society Accounts Act 2008 (c. 31). The principal effects of these Regulations are (a) to defer requirements for the deduction from interest of tax, and reporting to H.M. Revenue and Customs, while an account is dormant, (b) to treat all interest credited to the account while dormant as paid or arising at the point (if any) where the customer has reclaimed the account and is repaid the amount in the account and (c) to reapply, except for individual savings accounts (“ISAs”), the deduction of tax and reporting requirements at the point mentioned in (b).