Gain on withdrawal

Summary

This section sets out the taxation treatment of an SSIA where cash or assets are withdrawn from the account before it either matures or ceases.

Details

(1) When, before an SSIA matures or ceases, a qualifying individual makes a withdrawal of cash or assets from the account, a gain is treated as accruing on the account.

(2) The amount of the gain on a withdrawal of funds from the SSIA is the amount so withdrawn. If the withdrawal is of assets (other than cash) the amount of the gain will be an amount equal to the market value of such assets on the day of withdrawal.

Relevant Date: Finance Act 2021