Clause 5

by deleting subsection (3D) and substituting the following subsections:“(3D) Where any funds in an SRS account have been used for investment, then all the funds standing in the SRS account shall be considered as having been withdrawn at the same time for the purposes of subsection (3)(a) if, and only if, every investment has either been sold or liquidated, or is one which has been deducted from the balance in the SRS account, and —

in the case of every investment that has been sold or liquidated, amounts which the financial product provider declared to the SRS member to be all the gains or profits from the investment, all funds used for the investment, and all the proceeds from the sale or liquidation have been returned to the account and these, together with all funds standing in the SRS account, are withdrawn at the same time; and

in the case of every investment which has been deducted from the balance in the SRS account, the date of the deduction is the same as the date on which the withdrawal referred to in paragraph (a) takes place.(3E) Where —

an SRS member has used funds in his SRS account for any investment; and

the investment is one which has been deducted from the balance in the SRS account,then an amount equal to the value of the investment as determined in the manner prescribed by regulations made under subsection (11), shall be considered as having been withdrawn by the SRS member from his SRS account on the date of the deduction for the purposes of subsections (1), (2) and (3).(3F) In subsections (3D) and (3E) —

an investment is one which has been deducted from the balance in an SRS account if the SRS operator in question has, in accordance with the regulations made under subsection (11), approved the deduction of the sums representing the investment from the balance in the SRS account; and

the date of the deduction is the date of the approval referred to in paragraph (a).”; and

by inserting, immediately after subsection (12), the following subsection:“(12A) Without prejudice to the generality of subsections (11) and (12), regulations made under subsection (11) may, for the purposes of subsections (3D), (3E) and (3F) and section 45EA (which relates to collection of tax by an SRS operator for payment to the Comptroller on the value of an investment deducted from an SRS account of a non‑citizen) —

provide for the manner and time of valuation of any investment;

enable an SRS operator to approve the deduction of the sums representing an investment from the balance in an SRS account under such circumstances as may be specified, and impose duties on the SRS operator before and after giving the approval; and

for the purposes of section 45EA, prescribe different methods of reckoning the value of an investment under different circumstances.”.