The Individual Savings Account (Amendment No. 2) Regulations 2016

Amendment of the Individual Savings Account Regulations 1998

16.  In regulation 21 (transfers relating to accounts other than junior ISA accounts)—

(a) in paragraph (4)—

(i) at the end of sub-paragraph (a), omit “or”;

(ii) after sub-paragraph (b), insert—

“or

(c) an innovative finance account (if the account investor is 18 years of age or over),”;

(b) in paragraph (4C)—

(i) at the end of sub-paragraph (a), omit “or”;

(ii) after sub-paragraph (b), insert—

“or

(c) an innovative finance account to an innovative finance account,”;

(c) in paragraph (4DA)—

(i) after sub-paragraph (c), insert—

“(ca) an innovative finance account (whether or not in a bulk transfer of accounts) is transferred to an innovative finance account held with the transferee immediately before the time when the transfer is made;”;

(ii) in sub-paragraph (d), after “stocks and shares account” insert “or an innovative finance account”;

(iii) at the end of sub-paragraph (d), omit “or”;

(iv) in sub-paragraph (e), after “cash account” insert “or an innovative finance account”;

(v) at the end of sub-paragraph (e), omit the full-stop; and

(vi) after sub-paragraph (e), insert—

“; or

(f) an innovative finance account is transferred (otherwise than in a bulk transfer of accounts) to a cash account or a stocks and shares account held with the transferee immediately before the time when the transfer is made.”;

(d) in paragraph (4DB), for “(4DA)(b) or (c)” substitute “(4DA)(b), (c), or (ca)”; and

(e) in paragraph (6)(b)(i), for “or stocks and shares account” substitute “, stocks and shares account or innovative finance account”.