Commentary Section 14 Relief from income tax and capital gains tax
82.Section 14 gives the Treasury power to make regulations giving relief from income tax and capital gains tax in respect of Saving Gateway accounts. The Government intends to provide in regulations that no tax will be chargeable on interest or other income (including maturity payments) received on, or in relation to, Saving Gateway accounts.
83.Subsection (1) provides that regulations may give relief from income tax and capital gains tax in respect of any payment made by an account provider to, or in relation to, a Saving Gateway account.
84.Under subsection (2), regulations may be made disapplying or modifying the effect of income tax or capital gains tax legislation in relation to Saving Gateway accounts.
85.Subsection (3) enables regulations to include provision for appropriate restitution to be made to HMRC in circumstances prescribed in regulations. This will cover cases in which tax relief has been given where it was not due.