Related Commentary  

4B(1)  Where–

(a)an account investor, within the same year–

(i)subscribes to a cash account,

(ii)then closes it (“the closed account”), and

(iii)subsequently first subscribes to another cash account and

(b)the closed account was (apart from under this regulation) exempt from tax under regulation 22(1),

the earliest account in that year to fall within the terms of sub-paragraph (a)(iii) (the “first later account” ) shall be eligible for the relief in paragraph (2).

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