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Amendment of Part 36A (special savings incentive accounts) of Principal Act.
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41.— (1) Part 36A of the Principal Act is amended in section 848H by inserting the following after subsection (4):
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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—
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(a) the name and address of the qualifying individual,
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(b) the PPS Number of the qualifying individual,
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(c) the maturity date in relation to the account, being the date on which the account was treated as maturing,
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(d) the gross funds in relation to the account, being the value of the assets in the account immediately before the maturity date,
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(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,
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(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
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(g) the name and address of the qualifying savings manager.”.
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(2) This section applies as on and from 2 February 2006.
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