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The Dormant Bank and Building Society Accounts (Tax) Regulations 2011
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- UK Statutory Instruments
- 2011 No. 22
- Regulation 8
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Dormant accounts – postponement of charge to tax on interest
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8.—(1) For the purposes of Chapter 2 of Part 4 of The Income Tax (Trading and Other Income) Act 2005 (Savings and investment income: interest), interest arising in respect of a relevant dormant account shall be treated as arising at the time (if any) at which the balance of the account is paid out following a repayment claim.
(2) In paragraph (1), “relevant dormant account” has the meaning given in section 39(2) of the Finance Act 2008 and other terms used in that paragraph and in section 39 of that Act have the same meaning in that paragraph as in that section.
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