Finance Act 2022

Exemption for reclaim amounts in respect of individual investment plans

4 (1) An amount is exempt from income tax and capital gains tax if and to the extent that—

(a) it is paid out of an authorised reclaim fund in respect of a relevant dormant asset, and

(b) the amount transferred to the fund in respect of the asset was an amount owing to a person by virtue of an investment to which regulations under Chapter 3 of Part 6 of ITTOIA 2005 (exemption for income from individual investment plans) applied.

(2) In this paragraph—

• “authorised reclaim fund” has the same meaning as in the Dormant Assets Acts 2008 to 2022;

• “relevant dormant asset” has the same meaning as in section 39(2) of FA 2008 (as substituted by paragraph 2).