Taxes Consolidation Act 1997 section 848L

Gain on withdrawal

Section 848L sets out how a gain is calculated when cash or assets are withdrawn from a special savings incentive account (SSIA) before it matures or ceases.

• A withdrawal of cash or assets from an SSIA before maturity or cessation triggers a gain on the account.
• Where the withdrawal is in cash, the gain equals the amount of cash withdrawn.
• Where the withdrawal is of non-cash assets, the gain equals the market value of those assets on the day of withdrawal.
• The gain is treated as accruing on the account at the time of withdrawal.