848N Transfer of special savings incentive account.

(1) Where arrangements are made by a qualifying individual to transfer his or her special savings incentive account from one qualifying savings manager (in this section referred to as the “transferor”) to another qualifying savings manager (in this section referred to as the “transferee”) or the account is transferred in consequence of the transferor ceasing to act or to be a qualifying savings manager, the following provisions of this section shall apply.

(2) Where a transfer takes place under subsection (1)—

(a) all subscriptions to the special savings incentive account in so far as they have not been applied to acquire qualifying assets, and all qualifying assets in the account, must be made to a single transferee,

(b) the qualifying individual shall make a declaration of a kind referred to in section 848O to the transferee, and

(c) the transferee shall thereafter for the purposes of this Part be the qualifying savings manager of the special savings incentive account transferred.

(3) The transferor shall within 30 days after the date of transfer—

(a) give to the transferee a notice containing the information specified in subsection (4) and the declaration specified in subsection (5), and

(b) pay to the transferee the aggregate of the amounts referred to in subsection (4)(b)(vi).

(4) The information referred to in subsection (3) is—

(a) as regards the qualifying individual his or her—

(i) name,

(ii) address of permanent residence,

(iii) date of birth,

(iv) PPS Number,

and

(b) as respects the special savings incentive account transferred pursuant to this section—

(i) the date of transfer,

(ii) the date the account was commenced,

(iii) the identification of the assets held in the account,

(iv) the total of all subscriptions made to the account by the qualifying individual, or the spouse of that individual,

(v) the total of all tax credits, in relation to subscriptions, subscribed to the account,

(vi) the amount of any dividends, and other amounts payable in respect of qualifying assets held in the account and amounts of tax credits, which have not been received by the transferor at the date of transfer, and

(vii) the amount of each withdrawal from the account and the date of each such withdrawal.

(5) The declaration referred to in subsection (3) is a declaration in writing made and signed by the transferor to the effect that—

(a) the transferor has fulfilled all obligations under this Part,

(b) the transferor has transferred to the transferee all money and qualifying assets held in the account and that where registration of any such transfer is required, the transferor has taken the necessary steps to ensure that those qualifying assets can be registered in the name of the transferee, and

(c) that, to the best of the qualifying savings manager’s knowledge and belief, the information contained in the notice referred to in subsection (3) is correct.

(6) Notwithstanding section 848C, where a special savings incentive account is being transferred in accordance with this section it shall not be treated as ceasing should, during the period of the transfer, the qualifying assets held in the account, temporarily cease to be managed by a qualifying savings manager, or a qualifying savings manager who is registered in accordance with section 848R.