Gain on maturity

Summary

This section sets out the treatment of gains made by an individual on maturity of their SSIA. Provision is made to deal with any withdrawal from the account before it has matured.

Details

Gains and withdrawals

(1) When an SSIA matures, a gain is treated as accruing on the account.

(2) The amount of the gain on maturity is the aggregate value of all assets in the SSIA less the aggregate of subscriptions and tax credits.

(3) & (4) If there has been a withdrawal from the account before it has matured, it is treated as a withdrawal of subscriptions. However the amount treated as withdrawn must not exceed the total amount subscribed to the account since its commencement. If there is a withdrawal of assets from the account, the amount of subscriptions treated as withdrawn will be the market value of the assets at the time of their withdrawal. Again, the amount treated as withdrawn must not exceed the total amount subscribed to the account since its commencement.

Relevant Date: Finance Act 2019