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Clause 5 - Drawdown requirements for SaRA schemes

Part of Rights of Savers Bill – in a Public Bill Committee at 3:15 pm on 14th December 2005.

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Photo of John Penrose John Penrose Conservative, Weston-Super-Mare 3:15 pm, 14th December 2005

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.