Childcare accounts

Withdrawals
22
1
Where the account-holder makes a withdrawal from a childcare account, the account provider must pay the corresponding top-up amount to HMRC from the childcare account.
2
The “corresponding top-up amount”, in relation to a withdrawal, is R% of the amount of the withdrawal, where R is the percentage for the time being specified in section 1(4).
3
Accordingly, the maximum amount that may be withdrawn from a childcare account at any time is the relevant percentage of the total amount of funds held in the account at that time.
4
The “relevant percentage” is the percentage given by—
100/(100 + R) × 100
where R is the percentage for the time being specified in section 1(4).
5
A withdrawal may not be made from a childcare account at any time when a top-up payment is payable into the account.
S. 22 in force at 14.11.2016 for the purposes of the trial by S.I. 2016/1083, reg. 2(c)
S. 22 in force at 21.4.2017 for specified purposes by S.I. 2017/578, reg. 2
S. 22 in force at 16.5.2017 so far as not already in force in respect of those recruited to participate in the trial by S.I. 2017/578, reg. 4
S. 22 in force at 14.7.2017 for specified purposes by S.I. 2017/750, reg. 2(1)(2)(d)
S. 22 in force at 24.11.2017 for specified purposes by S.I. 2017/1116, reg. 2
S. 22 in force at 15.1.2018 for specified purposes by S.I. 2018/27, reg. 2(1)(3)(4)
S. 22 in force at 14.2.2018 in so far as not already in force by S.I. 2018/27, reg. 2(2)(3)