Taxes Consolidation Act, 1997 (Number 39 of 1997)
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848H Termination of special savings incentive account.
(1) A special savings incentive account is treated as maturing—
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(a) 30 days after the fifth anniversary of the end of the month in which a subscription was first made to the account where the qualifying individual has made a declaration of a kind referred to in section 848I, or,
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(a) on the fifth anniversary of the end of the month in which a subscription was first made to the account where the qualifying individual has made a declaration of a kind referred to in section 848I and the qualifying savings manager is in possession of that declaration at that time, or,
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(b) on the day of the death of the qualifying individual,
whichever event first occurs.
(2) A special savings incentive account is treated as ceasing, where at any time before the account is treated as maturing—
(a) any of the terms referred to in section 848C are not complied with, or
(b) the qualifying individual is neither resident nor ordinarily resident in the State.
(3) Where a special savings incentive account is treated as maturing or ceasing—
(a) the account thereafter shall not be a special savings incentive account for the purposes of section 848E, and
(b) the assets remaining in the account after having regard to all liabilities to tax on gains treated as accruing to the account under this Part shall—
(i) where the assets are shares, securities, or units in, or shares of, a relevant UCITS, be treated for the purposes of the Capital Gains Tax Acts, as having been acquired by the qualifying individual at their then market value at that time,
(ii) where the asset is a relevant life assurance policy, be treated as if it were a policy commenced at that time and in respect of which premiums in an amount equal to the market value of the policy at that time had been paid at that time, for the purposes of Chapter 5 of Part 26, and
(iii) where the asset is units in an investment undertaking, be treated as if the units had been acquired at that time, for their market value at that time, for the purposes of Chapter IA of Part 27.
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(4) Where at any time a special savings incentive account is treated as maturing or, as the case may be, ceasing, the amount of any income which accrues in respect of qualifying assets held in the account, in so far as it was not, but for this subsection, taken into account in determining a gain under section 848J, 848K or 848L, shall, when received, be treated as an amount of cash withdrawn from the account before the account is treated as maturing, or as the case may be, ceasing, and the qualifying savings manager shall be liable to tax in accordance with section 848M on the gain thereby arising under section 848L.
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(5) Where a special savings incentive account is treated as maturing and the qualifying individual so requires for the purposes of Part 36B, the qualifying savings manager shall issue to the qualifying individual a “maturity statement”, in relation to the account, being a statement which specifies—
(a) the name and address of the qualifying individual,
(b) the PPS Number of the qualifying individual,
(c) the maturity date in relation to the account, being the date on which the account was treated as maturing,
(d) the gross funds in relation to the account, being the value of the assets in the account immediately before the maturity date,
(e) the maturity tax in relation to the account, being the liability to tax on gains treated as accruing to the account on the maturity date,
(f) the net funds in relation to the account, being the value of the assets remaining in the account immediately after the maturity date and the maturity tax discharged, and
(g) the name and address of the qualifying savings manager.
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