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The Individual Savings Account (Amendment) (No. 2) Regulations 2012

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Amendments to the Individual Savings Account Regulations 1998

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13.  In regulation 8 (qualifying investments for a cash component), for paragraph (3) substitute—

(3) A deposit account or share account which is a qualifying investment for a cash component falling within sub-paragraphs (a) or (b) of paragraph (2) respectively (“Account A”) must not be connected with any other account falling within the descriptions in those sub-paragraphs (“Account B”), held by the account investor or any other person.

(4) For the purposes of paragraph (3), Account A is connected with Account B if all of the following circumstances apply—

(a)either of the accounts was opened with reference to the other, or with a view to enabling the other to be opened on particular terms, or with a view to facilitating the opening of the other on particular terms,

(b)the terms on which Account A was opened would have been significantly less favourable to the holder if Account B had not been opened, and

(c)Account B is not a tax exempt account.

(5) The following are tax exempt accounts for the purposes of paragraph (4)—

(a)an account opened (or treated as opened) in accordance with regulation 12 or 12A;

(b)a child trust fund..

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