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• an “account investment" is an investment under the account which is a qualifying investment for a stocks and shares component F20or a cash component, as the case may be, within the meaning of regulation 7 or 8;

• an “account investor" is an individual who subscribes to an account and who is a qualifying individual within the meaning of regulation 10;

• an “account manager" is a person who fulfils the conditions of these Regulations and is approved by the Board for the purposes of these Regulations as an account manager;

• F28“approved SAYE option scheme” shall be construed in accordance with the SAYE code (see section 516(3) of ITEPA 2003);

• “approved SIP” shall be construed in accordance with the SIP code (see section 488(3) of ITEPA 2003);

• “approved profit sharing scheme" has the same meaning as in Chapter IV of Part V of the Taxes Act;

• an “assurance undertaking" means an assurance undertaking within the meaning of F23Article 6 of Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance;

• F24“the Board” means the Commissioners for Her Majesty’s Revenue and Customs;

• “building society" means a building society within the meaning of the Building Societies Act 1986 M1, or the Irish Building Societies Act 1989 M2;

• F27“building society bonus”, except in regulation 22(1)(a)(i), excludes any bonus, distribution of funds or the conferring of rights in relation to shares—

  1. a

     in connection with an amalgamation, transfer of engagements or transfer of business of a building society, and

  2. b

     mentioned in section 96 or 100 of the Building Societies Act 1986,

  and “payment under a building society bonus scheme” shall be construed accordingly;.

• F29“ceasing to be subject to the plan”, in relation to plan shares under an approved SIP, shall be construed in accordance with the SIP code (see section 488(3) of ITEPA 2003);

• “company", except in regulation 7(4), means any body corporate having a share capital other than—

  1. i

     an open-ended investment company, within the meaning given by section F8236 of the Financial Services and Markets Act 2000,

  2. ii

     a UCITS,

  3. iii

     an industrial and provident society, or

  4. iv

     a body corporate which is a 51 per cent. subsidiary of any industrial and provident society;

• F25“credit union” means a society registered as a credit union under the Industrial and Provident Societies Act 1965 or the Credit Unions (Northern Ireland) Order 1985;

• “deposit-taker" has the meaning given by F30section 853 of ITA 2007;

• F1“the Director of Savings” has the same meaning as in the National Debt Act 1972

• “EEA Agreement" means the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 M3, as adjusted by the Protocol signed at Brussels on 17th March 1993 M4;

• “EEA State" means a State, other than the United Kingdom, which is a Contracting Party to the EEA Agreement;

• F9“European institution” means an EEA firm of the kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to the Financial Services and Markets Act 2000 which is an authorised person for the purposes of that Act as a result of qualifying for authorisation under paragraph 12 of that Schedule;

• “51 per cent. subsidiary" and “75 per cent. subsidiary" have the meanings given by section 838 of the Taxes Act;

• “gains", except in regulations 22(1)(a)(ii) to (v) and 35(6), means “chargeable gains"within the meaning of the Taxation of Chargeable Gains Act 1992;

• “gilt-edged securities" has the meaning given by F2paragraphs 1 and 1A of Schedule 9 to the Taxation of Chargeable Gains Act 1992;

• F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• an “incorporated friendly society" means a society incorporated under the Friendly Societies Act 1992 M5;

• an “industrial and provident society" means a society registered or deemed to be registered under the Industrial and Provident Societies Act 1965 M6 or under the Industrial and Provident Societies (Northern Ireland) Act 1969 M7;

• “investment trust" has the meaning given by section 842 of the Taxes Act M8F33...;

• F32“ITA 2007” means the Income Tax Act 2007;

• “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003;

• “ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;

• F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “the Management Act" means the Taxes Management Act 1970 M9;

• “market value" shall be construed in accordance with section 272 of the Taxation of Chargeable Gains Act 1992;

• “notice", except in F3regulations 9 and 36, means notice in writing and “notify" shall be construed accordingly;

• F34“participant”, in relation to an approved SIP, shall be construed in accordance with the SIP code (see section 488(3) of ITEPA 2003);

• “plan shares”, in relation to an approved SIP, shall be construed in accordance with the SIP code (see section 488(3) of ITEPA 2003) except that—

  1. a

     paragraph 87(6) of Schedule 2 to ITEPA 2003 (meaning of the word “shares” in the context of company reconstructions) shall not apply, and

  2. b

     in paragraph 88(2) of that Schedule (treatment of shares acquired under rights issue) the words “or securities or rights” shall be treated as omitted;

• “qualifying distribution" has the same meaning as in section 832(1) of the Taxes Act;

• “recognised stock exchange" has the same meaning as in section 841 of the Taxes Act;

• a “registered friendly society" has the meaning given by the Friendly Societies Act 1992 M10, and includes any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society;

• “release date" has the meaning given by section 187(2) of the Taxes Act M11;

• “relevant authorised person" has the same meaning as in F35section 697(2)(b) of ITTOIA 2005;

• “relevant European institution" has the meaning given by F36section 697(2)(a) of ITTOIA 2005;

• F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “security", except in regulations F47(2)(c) toF54(cc) and (8)(b), 8(2)(f) and 34(3), means any loan stock or similar security of a company whether secured or unsecuredF55, and in regulation 7(2)(cc) has the same meaning but with the omission of the words “of a company”;

• F21“the Stakeholder Products Regulations” means the Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004;

• “tax" where neither income tax nor capital gains tax is specified means either of those taxes;

• “tax credit" means a tax credit under section 231 of the Taxes Act M12;

• “the Taxes Act" means the Income and Corporation Taxes Act 1988;

• F56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “year" means a year of assessment, and “the year 1999—00" means the year of assessment beginning on 6th April 1999;

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