[809RC Breaches of the deposit rule]
Income Tax Act 2007 (2007 c 3) | Legislation

[809RC  Breaches of the deposit rule]

[(1)     There is a breach of the deposit rule if a prohibited sum is paid into the account on or after the qualifying date.

(2)     A breach of the deposit rule is remedied if, within 30 days beginning with the day on which the individual became or ought reasonably to have become aware of the payment of the prohibited sum, the required amount is transferred out of the account by way of a single one-off transfer.

(3)     “The required amount” is an amount equal to—

(a)     the prohibited sum, plus

(b)     all the other prohibited sums (if any) that have been paid into the account since that sum was paid in.

(4)     If there are 3 breaches of the deposit rule in any 12 month period, subsection (2) does not apply to the third breach and, accordingly, the third breach cannot be remedied.

(5)     The payment of a prohibited sum (“the later prohibited

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