Revenue Note for Guidance

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Revenue Note for Guidance

Transfer of special savings incentive account

Summary

This section sets out the conditions and procedure for the transfer of a special savings incentive account. A qualifying individual who has an SSIA may transfer it freely between qualifying savings managers throughout its duration. The original savings manager must give a notice to the new savings manager giving various factual details about both the individual and their SSIA. He/she must also arrange for the transfer of all monies (including monies owed to him/her but not yet received) in respect of the SSIA to the new savings manager and must also complete a declaration about the individual’s SSIA.

Details

Conditions

(1) & (2) It is a condition of an SSIA that the individual concerned can seek to have it transferred from one savings manager to another. Where such a transfer takes place, all assets in the SSIA and any subscriptions not yet invested must be transferred to the new manager. The individual concerned must make a declaration to the new manager.

Notices required

(3) & (4) The original savings manager is required, within 30 days of transfer, to give a notice to the new manager which sets out —

in relation to the individual concerned —

  • name;
  • address of permanent residence;
  • date of birth;
  • PPS Number; and

in relation to the SSIA being transferred —

  • the date of transfer;
  • the date the SSIA was commenced;
  • the total of all subscriptions made to the SSIA;
  • the total of tax credits;
  • a description of the assets held in the SSIA;
  • a schedule of withdrawals from the SSIA; and
  • the amount of any dividends or other payments which had accrued but not received at the date of transfer (such aggregate amounts, when received, are required to be paid over to the new manager by the original manager).

Declaration of obligations met

(5) The original manager is also required to make a declaration in writing to the new manager to the effect that all his/her obligations as a qualifying savings manager have been complied with, that all the SSIA assets have been transferred (and registered in the new savings manager’s name if necessary) and that to the best of the original manager’s knowledge and belief the information contained in the notice is correct.

Transfer does not result in cessation of SSIA

(6) Where an SSIA is being transferred in accordance with this section, it will not be treated as ceasing should it temporarily cease to be managed by a qualifying savings manager.

Relevant Date: Finance Act 2019