(1) Where arrangements are made by a qualifying individual to transfer his or her special savings incentive account from one qualifying savings manager (in this section referred to as the 'transferor') to another qualifying savings manager (in this section referred to as the 'transferee') or the account is transferred in consequence of the transferor ceasing to act or to be a qualifying savings manager, the following provisions of this section shall apply.
(2) Where a transfer takes place under subsection (1) -
(a) all subscriptions to the special savings incentive account in so far as they have not been applied to acquire qualifying assets, and all qualifying assets in the account, must be made to a single transferee,
(b) the qualifying individual shall make a declaration of a kind referred to in section 848O to the transferee, and
(c) the transferee shall thereafter for the purposes of this Part be the qualifying savings manager of the special savings incentive account transferred.
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