Special Savings Accounts
16/07/1992
Query
In the event of an SSA exceeding the £50,000 limit, is time given in which to reduce account balance below the limit.(ceases to be SSA over £50,000)
Decision
Yes. Three working days.
Income Tax
Section 264, Taxes Consolidation Act, 1997
Origin: Direct Taxes International and Administration
File ref:1331/93
18/08/1993
Query
Where joint SSA held by married couple and one spouse dies can surviving spouse convert the joint account into a single account
Decision
Yes. Provided that a single SSA declaration is made within a reasonable period and the single SSA limit is observed
Income Tax
Section 264, Taxes Consolidation Act, 1997
Origin: Direct Taxes International and Administration
File ref:10407/1331/93
06/10/1993
Query
Are disabled persons required to make & sign an SSA declaration themselves.
Decision
Yes. But if mentally or physically incapable of doing so, another person may do it for them. Revenue requires a medical certificate & details of relationship
Income Tax
Section 264 (2), Taxes Consolidation Act, 1997
Origin: Direct Taxes International and Administration
File ref:1331/93
17/01/1997
Query
May an SSA be transferred between branches of the same financial institutiuon without triggering closure of the SSA
Decision
Yes, provided no payment is made to the depositor
Income Tax
Section 264, Taxes Consolidation Act, 1997
Origin: Direct Taxes International and Administration
File ref:1331/93