Legislation – Finance Act 2022
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SCHEDULE 6Dormant assets
Amendments to the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008 (S.I. 2008/2682)
3
(1)
The Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008 (S.I. 2008/2682) are amended in accordance with sub-paragraphs (2) to (4).
(2)
In regulation 2 (interpretation)—
(a)
the existing text becomes paragraph (1);
(b)
““authorised reclaim fund” has the same meaning as in the Dormant Assets Acts 2008 to 2022;”;
(c)
““relevant dormant asset” means—
(a)
a dormant account the balance of which is to be, or has been, transferred—
- (i)
to an authorised reclaim fund, with the result that section 1 of the Dormant Bank and Building Society Accounts Act 2008 applies in relation to the account, or
- (ii)
to an authorised reclaim fund and one or more charities, with the result that section 2 of the Dormant Bank and Building Society Accounts Act 2008 applies in relation to the account, or
(b)
a dormant asset (within the meaning of section 1(6) of the Dormant Assets Act 2022) the balance of which is to be, or has been, transferred to an authorised reclaim fund with the result that section 2, 8, 12 or 14 of that Act applies in relation to it;”;
(d)
““repayment claim” means a claim made by virtue of—
(a)
section 1(2)(b) or 2(2)(b) of the Dormant Bank and Building Society Accounts Act 2008, or
(b)
section 2(2)(b), 8(2)(b), 12(2)(b) or 14(2)(b) of the Dormant Assets Act 2022.”;
(e)
“(2)
Terms used in regulations 4A and 4B and in the Dormant Assets Acts 2008 to 2022 (apart from “repayment claim”) have the same meaning in those regulations as in those Acts.”
(3)
In regulation 4A (dormant accounts – postponement of obligation to deduct sum representing income tax)—
(a)
in the heading, for “accounts” substitute “asset”
;
(b)
in each place it occurs, for “account” substitute “asset”
.
(4)
In regulation 4B, in both places it occurs for “account” substitute “asset”
.