The Individual Savings Account (Amendment) Regulations 2023

Amendment of regulation 17

8.  In regulation 17 (account manager – withdrawal by Board of approval)(1)—

(a) in paragraph (1), at the end insert “which is not a junior ISA account”,

(b) in paragraph (3), omit the “and” immediately after sub-paragraph (b) and at the end of sub-paragraph (c) insert—

“; and

(d) may specify that, from the date of the notice, the account manager—

(i) must not accept any subscriptions or open new accounts, or

(ii) must not accept any subscriptions or open new accounts except to the extent specified in the notice.”,

(c) in paragraph (4)—

(i) for “regulations 21” substitute “regulation 21”,

(ii) omit “or 21B (as appropriate)”,

(iii) for “regulation 20(3)” substitute “regulation 20(4)”, and

(d) after paragraph (4) insert—

“(5) Where the account manager does not intend to make a bulk transfer of accounts, the account manager must, in addition to notifying the account investor in accordance with paragraph (4), notify the account investor of that intention and draw to the account investor’s attention the fact the account will cease to be exempt from tax unless it is transferred as specified in regulation 20(4).

(6) The account manager must comply with paragraph (5) within the period beginning with the date of the Board’s notice under paragraph (1) and ending with the date which is 15 days before the date on which the Board’s approval is withdrawn.

(7) Where a notice under paragraph (1) makes a specification under paragraph (3)(d)(i), from the date of the notice the account manager must not accept any subscriptions or open any new accounts.

(8) Where a notice under paragraph (1) makes a specification under paragraph (3)(d)(ii), from the date of the notice the account manager must not accept any subscriptions or open any new accounts except to the extent specified in the notice.”.

(1)

Regulation 17 was amended by S.I. 2011/1780.