848J Gain on maturity.

(1) On the day on which a special savings incentive account is treated as maturing, a gain shall be treated as accruing on the account in an amount determined under subsection (2).

(2) The amount of the gain referred to in subsection (1) is an amount equal to the aggregate market value of all assets (including cash) held in the account on the day the account is treated as maturing, less the sum of all subscriptions (including subscriptions made by the qualifying savings manager under section 848E(1)(b)(ii)), made to the account on or before that day to the extent that they have not previously been treated, in accordance with subsection (3), as having been withdrawn from the account.

(3) For the purposes of subsection (2) where there is a withdrawal from an account, the amount withdrawn (before being reduced by any tax liability arising under this Part in respect of any gain treated as accruing to the account as a result of the withdrawal) shall be treated as a withdrawal of subscriptions to the extent that the amount withdrawn does not exceed the total amount of subscriptions (including subscriptions made by the qualifying savings manager in accordance with section 848E(1)(b)(ii)) made to the account since commencement, reduced by the amount of such subscriptions previously treated as subscriptions withdrawn from the account under this subsection.

(4) For the purposes of subsection (3) where there is a withdrawal of assets (other than cash) from an account the amount withdrawn shall be the amount which is the market value of those assets at the time of their withdrawal.