Schedule 4, Part 4B, paragraph 10Y

An account forfeiture notice lapses if— an objection is made within the period for objecting specified in the notice under paragraph 10W(4)(c), an application is made under paragraph 10Z2 for the forfeiture of money held in the frozen account, or an order is made under paragraph 10T setting aside (or recalling) the relevant account freezing order. If an account forfeiture notice lapses under sub-paragraph (1)(a), the relevant account freezing order ceases to have effect at the end of the period of 48 hours starting with the making of the objection (“the 48-hour period”). If within the 48-hour period an application is made— the order continues to have effect until the relevant time (and then ceases to have effect). for a variation of the relevant account freezing order under paragraph 10T so as to extend the period specified in the order, or for forfeiture of money held in the frozen account under paragraph 10Z2, In the case of an application of the kind mentioned in sub-paragraph (3)(a), the relevant time means— if an extension is granted, the time determined in accordance with paragraph 10S(3), or if an extension is not granted, the time when the application is determined or otherwise disposed of. In the case of an application of the kind mentioned in sub-paragraph (3)(b), the relevant time is the time determined in accordance with paragraph 10Z2(6). If within the 48-hour period it is decided that no application of the kind mentioned in sub-paragraph (3)(a) or (b) is to be made, an enforcement officer must, as soon as possible, notify the bank or building society with which the frozen account is maintained of that decision. If the bank or building society is notified in accordance with sub-paragraph (6) before the expiry of the 48-hour period, the relevant account freezing order ceases to have effect on the bank or building society being so notified. In relation to an account forfeiture notice— “the frozen account” is the account in which the money to which the account forfeiture notice relates is held; “the relevant account freezing order” is the account freezing order made in relation to the frozen account. In calculating a period of 48 hours for the purposes of this paragraph no account is to be taken of— any Saturday or Sunday, Christmas Day, Good Friday, or any day that is a bank holiday under the Banking and Financial Dealings Act 1971 in the part of the United Kingdom in which the account freezing order was made.

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Source: legislation.gov.uk · retrieved 2026-09-04