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Withdrawal under section 10L(3)(b) of Act disregarded in certain cases

Income Tax (Supplementary Retirement Scheme) Regulations 2003

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—(1) Notwithstanding regulation 8 and (with effect from 15th September 2010) regulation 9(1)(a), where an SRS member —(a)made his first withdrawal under section 10L(3)(b) of the Act from his SRS account; and(b)subsequently made one or more contributions to his SRS account during the period between 1st October 2008 and 31st December 2008 (both dates inclusive),then any withdrawal made under 10L(3)(b) of the Act prior to the date of the first of his contributions referred to in paragraph (b) shall be disregarded for the purposes of those provisions.(2) Notwithstanding regulation 8 and (with effect from 15th September 2010) regulation 9(1)(a), where an SRS member —(a)made one or more withdrawals under section 10L(3)(b) of the Act of all the funds standing to his SRS account and closed his SRS account; and (b)subsequently opened another SRS account during the period between 1st October 2008 and 31st December 2008 (both dates inclusive),then the withdrawal or withdrawals shall be disregarded for the purposes of those provisions.

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