SCHEDULE 6 Dormant Assets
Finance Act 2022 (2022 c 3) | Legislation

SCHEDULE 6 Dormant Assets

Section 31

Amendment to TCGA 1992

1

For section 26A of TCGA 1992 (transfer of dormant bank or building society account) substitute—

“26A Transfers in respect of dormant assets

(1)     This section applies where there is a transfer in respect of a dormant asset.

(2)     There is a transfer in respect of a dormant asset where an amount is transferred by an institution in respect of an asset—

(a)     to an authorised reclaim fund, with the result that section 1 of the 2008 Act or section 2, 5, 8, 12 or 14 of the 2022 Act applies in relation to the asset, or

(b)     to an authorised reclaim fund and one or more charities, with the result that section 2 of the 2008 Act applies in relation to the asset.

(3)     For the purposes of this Act—

(a)     the transfer is not to be treated as involving any acquisition or disposal of the asset, and

(b)     rights which a person (“P”) acquires under Part 1 of the 2008 Act or Part 1 or sections 22 to 25 of the 2022 Act (as the case may be) after the transfer are to be

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