Taxes Consolidation Act 1997 section 848N

Transfer of special savings incentive account

Section 848N sets out the conditions and procedure for transferring a special savings incentive account (SSIA) from one qualifying savings manager to another.

• A qualifying individual may transfer an SSIA to a new qualifying savings manager, and all subscriptions and qualifying assets must go to a single transferee.
• The transferor must, within 30 days, provide the transferee with a notice containing specified personal details of the individual and full account information, and must pay over any outstanding amounts due to the account.
• The transferor must also provide a written declaration confirming that all obligations have been met, all assets have been transferred (and registered where necessary), and the notice information is correct.
• An SSIA being transferred is not treated as ceasing merely because, during the transfer period, the qualifying assets temporarily cease to be managed by a qualifying savings manager.