I propose to take Questions Nos. 345 and 373 together.
Special savings incentive accounts, SSIAs, will mature between May 2006 and April 2007 depending on when the account was originally opened. For an account to be matured, the account holder will be required to make a maturity declaration to his or her financial institution at any time within a period of three months ending on the maturity date. Accordingly, no action by account holders is necessary until next year.
I am advised by the Revenue Commissioners that information regarding SSIA maturity is already published on the Revenue web site at www.revenue.ie. Furthermore, Revenue has arranged for the form on which the declaration is made to be issued to each SSIA holder by the relevant financial institution in advance of the maturity date.
The form will simply require the saver to confirm that the conditions of the scheme were met from the date on which the SSIA started until the date the declaration is made, that is, they will be asked to confirm that they — were the beneficial owner of the assets in the SSIA, had only one SSIA, were resident or ordinarily resident in the State, subscribed to the SSIA from funds available to them or their spouse without recourse to borrowings, or the deferral of repayment, whether of capital or interest, of sums borrowed when the SSIA started, and did not assign or otherwise pledge SSIA assets as security for a loan.
The Revenue Commissioners are in discussion with the financial institutions to ensure that the maturity arrangements will be implemented in an efficient and practical manner.
