848C Special savings incentive account.

A special savings incentive account is a scheme of investment commenced on or after 1 May 2001 and on or before 30 April 2002 by a qualifying individual with a qualifying savings manager (who is registered in accordance with section 848R) under terms which include the following—

(a) apart from tax credits, in relation to subscriptions, subscribed by the qualifying savings manager under section 848E(1)(b)(ii) only the qualifying individual, or the spouse of that individual, may subscribe to the account,

(b) such subscriptions are funded by the qualifying individual, or the spouse of that individual, from funds available to either or both of them out of their own resources without recourse to borrowing, or the deferral of repayment (whether in respect of capital or interest) of sums already borrowed,

(c) subject to paragraph (d), such subscriptions, ignoring any amounts withdrawn from the account by the qualifying individual—

(i) in the month the account is commenced and in each of the 11 months immediately after that month, are of an amount agreed between the qualifying individual and the qualifying savings manager when the account is commenced, which amount shall not be less than ^[2]>£10^<[2][2]>€12.50^<[2], and

(ii) in any one month, do not exceed ^[3]>£200^<[3][3]>€254^<[3],

(d) such subscriptions, made in the month which is the month in which the fifth anniversary of the day of commencing the account falls, or thereafter, shall not be subscriptions for the purposes of section 848D,

(e) such subscriptions and tax credits, in relation to such subscriptions, are to be used, and used only, by the qualifying savings manager to acquire qualifying assets which—

(i) are held in the account and managed by the qualifying savings manager, and

(ii) are beneficially owned by the qualifying individual,

(f) all or any of the qualifying assets can not be assigned or otherwise pledged, as security for a loan,

(g) on commencing the account, the qualifying individual makes a declaration of a kind referred to in section 848F,

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(h) for the account to be treated as maturing (otherwise than in respect of the death of the qualifying individual) in accordance with section 848H(1), the qualifying individual shall make a declaration of a kind referred to in section 848I within the period commencing 60 days before and ending 30 days after the fifth anniversary of the commencement of the account,

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(h) for the account to be treated as maturing (otherwise than in respect of the death of the qualifying individual) in accordance with section 848H(1), the qualifying individual shall make a declaration of a kind referred to in section 848I at any time within the period of 3 months ending on the fifth anniversary of the end of the month in which a subscription was first made to the account,

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(i) that at the request of the qualifying individual, and within such time as shall be agreed, the account, with all rights and obligations of the parties thereto may be transferred to another qualifying savings manager in accordance with the provisions of this Part,

(j) that the qualifying savings manager will notify the qualifying individual if he or she ceases to be a qualifying savings manager, or ceases to be registered in accordance with section 848R, and

(k) that the qualifying savings manager will take reasonable measures—

(i) to establish that the PPS Number, contained in the declaration referred to in paragraph (g), made by a qualifying individual, is the PPS Number in relation to that individual, and

(ii) to ensure that the terms, provided for in this section, under which the account is commenced are and continue to be complied with, and

(l) that the qualifying savings manager will retain a copy of all material used to establish the correctness of each PPS Number contained in a declaration in accordance with paragraph (k)(i), for so long as the declaration is required to be retained under section 848R(11) and on being so required by an inspector, will make such material available for inspection.