Clause 5 - Drawdown requirements for SaRA schemes
Rights of Savers Bill
3:15 pm
John Penrose (Weston-Super-Mare, Conservative)
It is my understanding of the clause that if money is drawn down from a SaRA but is not repaid within a certain period—the time specified in the Bill—the tax advantages would be lost. If money that is drawn down for a child or grandchild to assist them in buying a house is not repaid, the tax advantages would vanish, and the Minister’s point becomes less important.