The Tax-exempt Special Savings Account Regulations 1990
These Regulations, which come into force on 19th December 1990, are made under section 326C(1) of the Income and Corporation Taxes Act 1988. They make provision for tax-exempt special savings accounts (“accounts”) in addition to that provided in sections 326A and 326B of that Act. They prescribe an additional condition which must be satisfied by accounts and provide for building societies and institutions authorised under the Banking Act 1987 to notify the Board that they intend to operate accounts, specify the conditions for applications by individuals for such accounts to be opened, provide for societies and institutions to deliver returns in connection with such accounts, for the transfer of such accounts and for societies and institutions to be prohibited from operating new accounts in certain circumstances, and make provision for the circumstances arising when an institution ceases, or ceases to be entitled, to operate accounts.