RDRM75330 - Temporary repatriation facility: Mixed funds: Transfers to a TRF capital account: Ceasing to be a TRF capital account
Ceasing to qualify
An account will cease to be a TRF capital account if certain events occur:
- the account is closed or ceases to be an ordinary bank account held by and for the benefit of the individual
- the nomination is withdrawn – see below
- there has been a breach of the TRF deposit rule which has not or cannot be remedied – see RDRM75340
The date on which the account ceases to be a TRF capital account as a result of one or more of the above events occurring is the earliest of:
- the date the account is closed or ceases to be an ordinary bank account
- the date the nomination is withdrawn
- 6 April in the tax year in which the breach of the TRF deposit rule occurs
From the date on which the account ceases to be a TRF capital account, any amounts paid into it will be ordinary offshore transfers in accordance with section 809R ITA 2007 – see RDRM35410.
If an invalid nomination has been made, the account will never have been a TRF capital account. Individuals will need to ensure a valid nomination is made within the allowable time period.
Withdrawing the nomination
An individual can withdraw their TRF capital account nomination at any time.
Any such withdrawal must be made in writing to the Commissioners and must include the following information:
- qualifying date (see RDRM75320)
- account number
- financial institution (including the country) that holds the account
- date the nomination is withdrawn
Any notice withdrawing the nomination must be given by 31 January following the tax year in which the nomination was withdrawn. For example, if an individual withdraws their nomination on 5 April 2027, they must give notice of that withdrawal by 31 January 2028.