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

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Amendment of the Income Tax (Interest Payments) (Information Powers) Regulations 1992

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4.  After regulation 3 (disapplication of section 17(1) and section 18(1))(1) insert—

Dormant accounts – postponement of reporting obligations under section 17(1)

3A.(1) A notice under section 17(1) shall be deemed not to require information in respect of a relevant dormant account before the time (if any) at which the balance of the account is paid out to the account-holder following a repayment claim (such payment being referred to in this regulation as the repayment claim being “settled”), subject to paragraph (4).

(2) In paragraph (3), the period between—

(a)the time when a dormant account first becomes a relevant dormant account, and

(b)the time at which a repayment claim to the balance of the account is settled,

is referred to, in relation to the account, as the “relevant dormant period”.

(3) Where a repayment claim to the balance of a dormant account is settled, all interest paid or credited to the account, or included in the balance of the account, during and at the end of the relevant dormant period, shall be treated for the purposes of section 17(1)—

(a)as paid at the time the repayment claim is settled;

(b)as if the bank or building society in question had retained the balance of the account, in the ordinary course of the operations of its trade or business; and

(c)if notice under section 17(1) is given to the bank or building society, specifying the year of assessment in which the relevant dormant period for any account ends, the notice shall (unless it states otherwise) be deemed to require the inclusion of information for all relevant dormant accounts, in respect of which repayment claims were settled in that year.

(4) A notice under section 17(1) shall be deemed not to require information in respect of a relevant dormant account which, at the time it first became a relevant dormant account, was a plan provided for by regulations made under Chapter 3 of Part 6 of ITTOIA 2005 (individual investment plans)..

(1)

Substituted by S.I. 2001/405.

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