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.