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Everything you need to know about the Dormant Accounts Scheme

The ‘Dormant Accounts Scheme’, which was set up by the Government through the ‘Dormant Bank and Building Society Accounts Act’ in 2008 (and became fully operational in 2011) is a scheme through which participating banks and building societies can donate funds from ‘dormant accounts’ to charity, via a government intermediary. However, problems - as yet unsolved - arise when considering the tax implications of these donations.

To read more, go to Spear's Wealth Management magazine.

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