The Individual Savings Account (Amendment) Regulations 2001

Amendments to the principal Regulations

3.—(1) Regulation 4 (General conditions for accounts and subscriptions to accounts)(1) shall be amended as follows.

(2) In paragraph (1)(c)(i) after the word “components” there shall be inserted the words “, save that a maxi-account to which the qualifying individual first subscribes when that individual is under the age of 18 years must include a cash component”.

(3) In paragraph (1)(f)(i) after the words “subject to” there shall be inserted the words “paragraph (ia) and”.

(4) After paragraph (1)(f)(i) there shall be inserted the following paragraph—

“(ia) in the case of a maxi-account where the qualifying individual is under 18 years of age, be treated as allocated irrevocably to the cash component of the account, and”.

(5) In paragraph (2)—

(a) for the word “The” there shall be substituted the words “Subject to paragraphs (2A) and (2B), the”;

(b) for “and 2000–01” in both places where it appears there shall be substituted “to 2005–06”.

(6) After paragraph (2) there shall be inserted the following paragraphs—

“(2A) The subscription limit for any maxi-account for any year, at the end of which the qualifying individual is 16 years of age or over but less than 18 years, is £3,000 in the years 2001–02 to 2005–06, and £1,000 in subsequent years.

(2B) For any year during which the qualifying individual attains the age of 18 years, no more than £3,000 in the years 2001–02 to 2005–06, and £1,000 in subsequent years, may be subscribed before the individual attains that age.”

(7) In paragraph (3)(a) for “and 2000–01” there shall be substituted “to 2005–06”.

(1)

Regulation 4 was amended by regulation 2 of S.I. 2000/809.