Lexis® update: These are dormant funds held by the CFO where the beneficiary cannot be found, has failed to claim the funds or is simply unknown. Under the proposal, right to claim such funds will disappear after 30 years, with the assets being turned over to the Exchequer.
The consultation is open to the public and closes on 31 August 2023 at 11:59pm.
The amendment to the rules has already been included in the Finance Bill which is set to receive Royal Assent in the summer of 2023. It will be through and amendment to the Administration of Justice Act 1982.
The full consultation can be found here.
This content was first published by LNB News, a LexisNexis® company, on 10 July 2023 and is published with permission. Further information can be found at: www.lexisnexis.co.uk
