Operation of accounts
8Maturity payments
1
The maturity payment in relation to a Saving Gateway account is to be calculated by multiplying A by B where—
A is the number of whole pounds in the qualifying balance of the account, and
B is an amount of money (in pence) specified in regulations.
2
The “qualifying balance” of a Saving Gateway account is the highest balance achieved during the maturity period.
3
In finding any balance for the purposes of subsection (2), the following are to be disregarded—
a
interest or other sums paid by the account provider under the terms of the account, and
b
any sums paid into the account in breach of the limit specified in regulations under section 4(4).
4
The account provider must pay the maturity payment to the account holder within a period, prescribed by regulations, beginning with the end of the maturity period.
5
Nothing is payable by virtue of this section where a Saving Gateway account is closed before the end of the maturity period.
9Statements etc.
1
Regulations may —
a
make provision requiring an account provider to send statements of account to the holder of a Saving Gateway account;
b
specify the form and content of a statement;
c
specify how often a statement is to be sent.
2
Section 234A of the Income and Corporation Taxes Act 1988 (c. 1) (duty to provide statement of distribution) does not apply to an account provider in relation to a Saving Gateway account.
10Account ceasing to be Saving Gateway account
Regulations may specify when an account ceases to be a Saving Gateway account.