Taxes Consolidation Act 1997 section 848G

Acquisition of qualifying assets

Section 848G sets out the conditions under which qualifying assets may be acquired for a Special Savings Incentive Account (SSIA), including arm's length requirements and rules for shares in companies about to be listed on a stock exchange.

• Qualifying assets held in an SSIA may only be purchased by the qualifying savings manager using funds already held in the account, and all acquisitions must be made at arm's length.
• Assets may not be purchased from the qualifying individual or from any person connected with that individual.
• The terms on which a qualifying asset is acquired and held must be independent of any other asset or liability of the individual or a connected person.
• Shares that are due to be admitted to official listing within 30 days of allotment or allocation, pursuant to a public offer, may be treated as qualifying assets.