RDRM35830 - Remittance basis: Amounts remitted: Special mixed funds: Ceasing to be a qualifying account

Ceasing to qualify

An account will cease to be a qualifying account if certain conditions arise: (or events occur)

• From the date the account is closed or ceases to be an ordinary bank account of the individual
• If the individual nominates another qualifying account the previous account will cease to qualify with effect from the date the new account qualifies
• From the 6 April in a year where there has been a breach of the deposit rule which has not or cannot be remedied
• From 6 April in a year when the individual has no general earnings within s26(1) of ITEPA 2003.

Withdrawing the nomination

An individual can withdraw their qualifying account nomination at any time, and the account will cease to qualify from the date of the withdrawal notice.

Any such withdrawals must be made in writing to the Commissioners and should specify the date with effect from which the nomination is withdrawn. It should include any information the Commissioners may reasonably require.

Any notice withdrawing the nomination must be given no later than the 31 January following the tax year in which the nomination was withdrawn.