848L Gain on withdrawal.

(1) Where before a special savings incentive account is treated as maturing or ceasing (as the case may be) a qualifying individual withdraws cash or other assets from the account, 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—

(a) where the withdrawal is in cash, the amount of that cash, and

(b) where the withdrawal is of assets (other than cash) an amount equal to the market value of such assets on the day of withdrawal.