Print Options
PrintThe Whole
Instrument
PrintThe Whole
Schedule
PrintThis
Section
only
Changes over time for: Paragraph 7
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 06/04/2024
Status:
Point in time view as at 06/04/2017. This version of this provision has been superseded.
Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
The Individual Savings Account Regulations 1998, Paragraph 7 is up to date with all changes known to be in force on or before 28 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
[Definitions for the purposes of paragraph 6U.K.
7. The following definitions apply for the purposes of paragraph 6—
“Buy to Let Mortgage” means a loan made to one or more borrowers to be secured by a mortgage over a residential property that is—
(a)
either —
(i)
let at the date the mortgage is granted, or
(ii)
intended by the borrower or borrowers to be let either at that time or in the future, and
(b)
marketed as being intended for such purpose;
“eligible conveyancer” means—
(a)
in England and Wales, a conveyancer within the meaning of rule 217A of the Land Registration Rules 2003;
(b)
in Scotland, a solicitor or advocate within the meaning of section 65 of the Solicitors (Scotland) Act 1980, or a conveyancing practitioner as defined in section 23 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990; or
(c)
in Northern Ireland, a person enrolled as a solicitor of the Court of Judicature of Northern Ireland pursuant to the Solicitors (Northern Ireland) Order 1976;
“first-time buyer” means an account investor who is not, and never has been, a residential property owner;
“a legal interest in land” includes land which will be acquired under the terms of a regulated home purchase plan;
“purchase price” means—
(a)
in connection with the acquisition of any legal interest in land in circumstances other than those described in paragraph (b), (c) or (d), the value of the consideration required to be paid, and which is paid, by the purchaser under the sale and purchase agreement entered into in connection with the acquisition of that interest in land; or
(b)
in connection with the acquisition of any legal interest in land under the terms of a regulated home purchase plan, the value of the consideration required to be paid, and which is paid, to the original seller for the interest in that land; or
(c)
in connection with the acquisition of a legal interest in land by an individual who as a result of the acquisition becomes a joint owner of the land with another individual who previously owned the land, the market value of the whole of the land as determined at the time of the acquisition; or
(d)
in connection with the acquisition of a leasehold legal interest in land under a shared ownership arrangement—
(i)
the value determined in accordance with paragraph (a), or
(ii)
the value of the premium required to be paid, and which is paid, by the purchaser under the sale and purchase agreement entered into in connection with the acquisition of that interest, divided by the fraction representing the share of the property to be acquired on completion by the purchaser in return for the premium (howsoever described in the sale and purchase agreement or the lease);
“regulated home purchase plan” means a home purchase plan that is a regulated home purchase plan within the meaning of article 63F of the Regulated Activities Order 2001;
“residential property owner” means an individual who owns as sole or joint owner an interest in residential property (including a legal interest in land acquired under the terms of a regulated home purchase plan or a shared ownership arrangement) which is—
(a)
in England or Wales—
(ii)
leasehold, where the lease was originally granted for a term certain exceeding 21 years; or
(b)
in Scotland, registered or recorded, or would be capable of being registered or recorded, as a right of absolute ownership in the Land Register of Scotland or General Register of Sasines in Scotland, as applicable;
(c)
in Northern Ireland—
(ii)
leasehold, where the lease was originally granted for a term certain exceeding 21 years; or
(d)
an equivalent interest in land to the legal interests in land listed in paragraphs (a) to (c) under the laws of any jurisdiction outside the United Kingdom;
“residential property” means a legal interest in land which comprises a building that is used or suitable for use as a dwelling, or is in the process of being constructed or adapted for such use; and
“shared ownership arrangement” means an arrangement whereby a purchaser acquires from a housing association, local authority or other person a leasehold legal interest in a property which is specified in the sale and purchase agreement and the lease to be comprised of —
(a)
a share for which the purchaser is required to pay a premium on completion, and
(b)
a separate share in respect of which the purchaser is required to pay a periodic rent over the term of the lease.]
Back to top