Section LZ 12 — Income Tax Act 2007: Meaning of increase in savings

LZ 12 Meaning of increase in savings Meaning (1) In sections LZ 9 to LZ 11 , increase in savings , in relation to a special home ownership account of a person and a tax year, means the total of— (a) the amount by which the amount standing to the credit of that special home ownership account at the end of that tax year or the date of the closure of that account, whichever is the earlier, is more than the amount standing to the credit of that account, if any, at the end of the tax year immediately before that tax year; and (b) the amount of resident withholding tax (RWT) withheld during that tax year from interest paid for the account. Withdrawals (2) For the purposes of the definition of increase in savings ,— (a) an amount withdrawn from a special home ownership account in accordance with a withdrawal certificate is treated as not having been withdrawn: (b) an amount withdrawn from a special home ownership account in accordance with a withdrawal certificate, and subsequently redeposited in the account, is treated as not having been redeposited. Defined in this Act: amount , increase in savings , interest , pay , RWT , special home ownership account , tax year , withdrawal certificate , Compare: 2004 No 35 s KG 1(3), (4)