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Amendment of Part 36A (special savings incentive accounts) of Principal Act.
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49.—Part 36A of the Principal Act is amended—
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(a) in section 848C by substituting the following for paragraph (h):
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“(h) for the account to be treated as maturing (otherwise than in respect of the death of the qualifying individual) in accordance with section 848H(1), the qualifying individual shall make a declaration of a kind referred to in section 848I at any time within the period of 3 months ending on the fifth anniversary of the end of the month in which a subscription was first made to the account,”,
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(b) in section 848E by inserting the following after subsection (3):
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“(3A) The provisions of section 267B(2) shall not apply to shares held in a special share account (within the meaning of section 267A) where the shares are a qualifying asset.”,
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(c) in section 848H—
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(i) by substituting the following for subsection (1)(a):
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“(a) on the fifth anniversary of the end of the month in which a subscription was first made to the account where the qualifying individual has made a declaration of a kind referred to in section 848I and the qualifying savings manager is in possession of that declaration at that time, or,”,
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and
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(ii) by inserting the following after subsection (3):
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“(4) Where at any time a special savings incentive account is treated as maturing or, as the case may be, ceasing, the amount of any income which accrues in respect of qualifying assets held in the account, in so far as it was not, but for this subsection, taken into account in determining a gain under section 848J, 848K or 848L, shall, when received, be treated as an amount of cash withdrawn from the account before the account is treated as maturing, or as the case may be, ceasing, and the qualifying savings manager shall be liable to tax in accordance with section 848M on the gain thereby arising under section 848L.”,
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and
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(d) in section 848M—
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(i) by substituting the following for subsection (1):
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“(1) A qualifying savings manager shall be liable to tax (in this Part referred to as ‘relevant tax’) representing income tax on a gain treated under this Part as accruing to a special savings incentive account in an amount equal to 23 per cent of the amount of that gain.”,
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and
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(ii) in subsection (4) by substituting “to the best of the inspector's judgement” for “to the best of his or their judgement”.
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