The Individual Savings Account Regulations 1998

Interpretation U.K.

2.—(1) In these Regulations unless the context otherwise requires—

(a) “account", except in the case of—

(i) an account with a deposit-taker, or

F1 (ii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(iii) a share or deposit account with a building society, or

(iv) a deposit account with [F2 a person falling within] [F3 section 991(2) of the Income Tax Act 2007],

shall be construed in accordance with [F4 regulation 4(1) and, where appropriate, regulation 2B(b)] [F5 and shall include a personal equity plan treated on and from the 6^th April 2008 as a stocks and shares account];

• an “account investment” is an investment under the account which is a qualifying investment for a stocks and shares component[F6 , a cash component[F7 , an innovative finance component or a Lifetime ISA component], as the case may be, within the meaning of regulation 7, 8[F8 , 8ZA] or 8A];

• [F9 an “account investor” has the meaning given in regulation 2A;]

• 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;

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

• F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

• [F12 “article 36H agreement” is to be construed in accordance with article 36H(4) of the Regulated Activities Order 2001 and is an agreement entered into by an account investor as lender with a borrower with the facilitation of an operator and for the purposes of regulation 8A(2) includes such an agreement notwithstanding that, after it is entered into, the operator [F13 or, in relation to a continuing account of a deceased investor, any person within the description of section 694A(2) of ITTOIA 2005 or referred to in section 694A(1) of that Act,] assumes the rights of the lender under it;]

• an “assurance undertaking" means [F14 a direct life insurance undertaking within the meaning of Article 2 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)];

• [F15 “bank” has the meaning given by section 991(2) to (5) of the Income Tax Act 2007;]

• [F16 “the Board” means the Commissioners for Her Majesty’s Revenue and Customs;]

• [F12 “borrower” is to be construed in accordance with article 36H(9) of the Regulated Activities Order 2001;]

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

• [F17 “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—

  (a)

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

  (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;.]

• [F18 “business day” means any day except—

  (a)

  a Saturday, Sunday, Good Friday or Christmas Day;

  (b)

  a bank holiday under the Banking and Financial Dealings Act 1971;]

• [F19 “ceasing to be subject to the plan”, in relation to plan shares under [F20 a Schedule 2] SIP, shall be construed in accordance with the SIP code (see section 488(3) of ITEPA 2003);]

• [F21 “charity” has the meaning given in paragraph 1(1) of Schedule 6 to the Finance Act 2010;]

• [F22 “child” means an individual under 18;]

• [F23 “child trust fund” has the meaning given by section 1 of the Child Trust Funds Act 2004;]

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

  (i)

  an open-ended investment company, within the meaning given by section [F24 236 of the Financial Services and Markets Act 2000], [F25 or]

  (ii)

  [F26 a UK UCITS, recognised UCITS or non-UCITS retail scheme] [F27 ;]

  (iii)

  F28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  (iv)

  F28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F29 “continuing account of a deceased investor” has the meaning given in regulation 2G;]

• [F30 “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;]

• [F31 “CTA 2010” means the Corporation Tax Act 2010;]

• [F32 “current year payments” has the meaning given in regulation 10A(3);]

• [F21 “debenture” includes any instrument creating or acknowledging indebtedness within the meaning of article 77(1) and (2) of the Regulated Activities Order 2001 but with the omission of the words “such of the following as do not fall within article 78;]

• [F33 “deceased’s account” is an account which the deceased held with an account manager at the date of the deceased’s death;]

• “deposit-taker" has the meaning given by [F34 section 853 of ITA 2007];

• [F35 “the Director of Savings” has the same meaning as in the National Debt Act 1972]

• [F36 “dormant account” means a cash account which is a “relevant dormant account” within the meaning given in section 39(2) of the Finance Act 2008, omitting the words—

  (a)

  “is to be, or”; and

  (b)

  “will apply, or” (in both places they appear);]

• [F37 “EEA Agreement” means the agreement on the European Economic Area signed at Oporto on 2nd May 1992, together with the Protocol adjusting that Agreement signed at Brussels on 17th March 1993, as modified or supplemented from time to time;]

• [F37 “EEA State”, in relation to any time, means a state which at that time is a member State, or any other state which at that time is a party to the EEA Agreement;]

• [F38 “eligible child” means a child—

  (a)

  born—

  (i)

  on or after 3rd January 2011; or

  (ii)

  before the time mentioned in paragraph (i) but who is not an “eligible child” within the meaning given in the Child Trust Funds Act 2004; and

  (b)

  who, at the time when the application to open an account pursuant to a junior ISA application described in regulation 12A is made, is—

  (i)

  resident F39 ... in the United Kingdom;

  (ii)

  a person who has general earnings from overseas Crown employment subject to United Kingdom tax within the meaning given by section 28 of ITEPA 2003;

  (iii)

  married to, or in a civil partnership with, a person mentioned in paragraph (ii); or

  (iv)

  a dependant of a person mentioned in paragraph (ii);]

• [F40 “eligible conveyancer” has the meaning given in paragraph 7 of the Schedule;]

• [F41 “European institution” means an EEA firm of the kind mentioned in [F42 paragraph 5(a) to (d), (f) and (h)] 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[F43 (1) to (4) and (7)] of that Schedule;]

• [F44 “51% subsidiary” and “75% subsidiary” have the same meanings as they do in section 1154 of CTA 2010;]

• [F45 “first subscription”, in any year, means the first subscription into an account in that year which is not a subscription made in accordance with regulation 5D;]

• [F46 “flexible account” has the meaning given in regulation 5DDB;]

• “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 [F47 paragraphs 1 and 1A] of Schedule 9 to the Taxation of Chargeable Gains Act 1992;

• [F48 “government bonus” has the meaning given in the Schedule;]

• F49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• an “incorporated friendly society" means a society incorporated under the Friendly Societies Act 1992 M3 ;

• F50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F12 “innovative finance account” has the meaning given in regulation 4(1ZA);]

• [F12 “interim permission” is to be construed in accordance with Chapter 4 of Part 8 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013;]

• [F51 “investment trust” means an investment trust within the meaning of section 1158 of the Corporation Tax Act 2010;]

• [F52 “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;]

• [F53 “junior ISA account” has the meaning given in regulation 2B;]

• F54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F12 “lender” is to be construed in accordance with article 36H(9) of the Regulated Activities Order 2001;]

• [F55 “Lifetime ISA” has the meaning given in regulation 4(1ZB);]

• [F55 “Lifetime ISA payment limit” has the meaning given in regulation 4ZA(1A);]

• [F55 “Lifetime ISA qualifying individual” has the meaning given in regulation 10A;]

• [F56 “Looked After Child” has the meaning given in regulation 2F (special provision in respect of Looked After Children);]

• “the Management Act" means the Taxes Management Act 1970 M4 ;

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

• [F57 “named child” means a child who holds an account opened pursuant to a junior ISA application described in regulation 12A;]

• “notice", except in [F58 regulations 9 and 36], means notice in writing and “notify" shall be construed accordingly;

• [F12 “operator” means a person who has permission (other than an interim permission) under Part 4A of FISMA 2000 to carry on the regulated activity specified in article 36H(1) of the Regulated Activities Order 2001;]

• [F59 “outstanding principal balance” means, in respect of a qualifying investment for an innovative finance component, the amount in respect of the investment owing to the account investor at any time;]

• [F60 “parental responsibility” means—

  (a)

  parental responsibility within the meaning of the Children Act 1989 or the Children (Northern Ireland) Order 1995, or

  (b)

  parental responsibilities within the meaning of the Children (Scotland) Act 1995;]

• [F61 “participant”, in relation to [F20 a Schedule 2] SIP, shall be construed in accordance with the SIP code (see section 488(3) of ITEPA 2003);

• “plan shares”, in relation to [F20 a Schedule 2] SIP, shall be construed in accordance with the SIP code (see section 488(3) of ITEPA 2003) except that—

  (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

  (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;]

• [F62 “qualifying addition” has the meaning given in the Schedule;]

• “qualifying distribution" has the same meaning as in [F63 section 1136 of the Corporation Tax Act 2010];

• [F12 “qualifying investments for an innovative finance component” has the meaning given in regulation 8A;]

• “recognised stock exchange" has the same meaning as in [F64 section 1005 of ITA 2007] ;

• a “registered friendly society" has the meaning given by the Friendly Societies Act 1992 M5 , and includes any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society;

• [F12 “Regulated Activities Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;]

• “release date" has the meaning given by section 187(2) of the Taxes Act M6 ;

• “relevant authorised person" has the same meaning as in [F65 section 697(2)(b) of ITTOIA 2005];

• [F66 “replacement subscription” has the meaning given in regulation 5DDB;]

• F67 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F68 “responsible person” means a person who is the responsible person in respect of the management of a junior ISA account in accordance with regulation 2C(4);]

• F69 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F70 “Schedule 2 SIP” shall be construed in accordance with the SIP code (see section 488(3) of ITEPA 2003);]

• [F71 “Schedule 3 SAYE option scheme” shall be construed in accordance with the SAYE code (see section 516(3) of ITEPA 2003);]

• “security", except in regulations [F72 7(2)(c) to] [F73 (cc) and (8)(b), 8(2)(f)] and 34(3), means any loan stock or similar security of a company whether secured or unsecured[F74 , and in regulation 7(2)(cc) has the same meaning but with the omission of the words “of a company”];

• [F75 “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 M7 ;

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

• [F21 “transferable security” has the meaning given in section 102A(3) of FISMA 2000;]

• F76 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

(b)

• [F77 “authorised fund” means—

  (i)

  an authorised unit trust, or

  (ii)

  an open-ended investment companyF78 ...;]

• “authorised unit trust" means a unit trust scheme in the case of which an authorisation order F79 ... under section [F80 243 of the Financial Services and Markets Act 2000] is in force;

• F81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F82 “collective investment scheme” has the meaning in section 235 of FISMA 2000;]

• [F83 “COLL” means the Collective Investment Schemes Sourcebook made by the Financial Conduct Authority under FISMA 2000;]

• [F84 “depositary interest” means the rights of the person mentioned in paragraph (b), under a certificate or other record (whether or not in the form of a document) acknowledging—

  (a)

  that a person holds relevant investments or evidence of the right to them, and

  (b)

  that another person is entitled to rights in or in relation to those or identical relevant investments, including the right to receive such investments, or evidence of the right to them or the proceeds from such investments, from the person mentioned in paragraph (a),

• where “relevant investments” means investments which are exclusively qualifying investments for a stocks and shares component falling within any of regulation 7(2)(a) to (h), and the rights mentioned in paragraph (b) are exclusively rights in or in relation to relevant investments;]

• F85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F82 “FISMA 2000” means the Financial Services and Markets Act 2000;]

• F85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F86 “insolvency event” means the procedures listed in the definition of “insolvency event” in [F87 regulation 23(18) of the Payment Services Regulations 2017];]

• F85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F88 “non-UCITS retail scheme”—

  (a)

  has the meaning in COLL (that is, a scheme to which, or to whose authorised fund manager and depositary, sections 5.1, 5.4 and 5.6 of COLL apply),

  (b)

  includes a “recognised scheme” by virtue of section F89 ... 272 of FISMA 2000, which would fall within paragraph (a) of this definition if it were an authorised fund, and

  (c)

  includes a sub-fund of an umbrella which the terms of the scheme identify as a sub-fund which would fall within paragraph (a) or (b) of this definition if it were itself an authorised fund or a recognised scheme.

  In this definition, expressions defined in the Glossary of the Financial Conduct Authority Handbook have those defined meanings;]

• [F90 “open-ended investment company” means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies;]

• [F91 “qualifying units in or shares of a non-UCITS retail scheme” means that—

  (a)

  the instrument constituting the scheme secures that redemption of the units or shares in question shall take place no less frequently than bi-monthly (see Rule 6.2.16(6) of the F92 ... [F93 COLL] omitting the words “Except where (7) applies, and”, read with Rule 6.3.4(1), whether or not those Rules apply to the scheme), and

  (b)

  a provision for suspension of dealings in exceptional conditions in accordance with Rule 7.2 of [F94 the COLL] (or any foreign procedure which is a direct foreign equivalent of that Rule) shall not be treated as a provision contrary to paragraph (a) of this definition;]

• [F95 “recognised UCITS” means—

  (a)

  a collective investment scheme constituted in an EEA State, which is a “recognised scheme” under section 264 of FISMA 2000, and complies with the requirements to be a “UCITS scheme” for the purposes of the [F96 COLL]; or

  (b)

  a part of a recognised UCITS mentioned in paragraph (a) of this definition, which would be a sub-fund of an umbrella scheme which is a recognised UCITS;]

• F97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F82 “UK UCITS” means—

  (a)

  a collective investment scheme [F98 with Part 4A permission under FISMA 2000], which complies with the requirements to be a “UCITS scheme” for the purposes of [F99 the COLL]; or

  (b)

  a part of a UK UCITS mentioned in paragraph (a) of this definition which would be a sub-fund of an umbrella scheme which is a UK UCITS;]

• [F100 “umbrella scheme” means an authorised fund which according to the terms of the scheme is an umbrella scheme belonging to the category under that name established by the [F101 Financial Conduct Authority], and

  (i)

  in the case of an authorised fund which is an authorised unit trust, references to a part of an umbrella scheme shall be construed in accordance with subsection (8) of section 468 of the Taxes Act, [F102 and sub-paragraphs (6) and (7) of regulation 7 of the Authorised Investment Funds (Tax) Regulations 2006 shall apply for the purposes of these Regulations as they apply for the purposes of those Regulations, and]

  (ii)

  in the case of an authorised fund which is an open-ended investment company, references to a part of an umbrella scheme shall be construed in accordance with [F103 subsection (4) of section 468A of the Taxes Act, and sub-paragraphs (2) and (3) of regulation 7 of the Authorised Investment Funds (Tax) Regulations 2006 shall apply for the purposes of these Regulations as they apply for the purposes of those Regulations;]]

• [F104 “unit holder” means a person entitled to a share of the investments subject to the trusts of a unit trust scheme;]

• [F104 “unit trust scheme” has the meaning given by section 237 of the Financial Services and Markets Act 2000;]

• “units", in relation to an authorised unit trust, means the rights or interests (however described) of the unit holders in that authorised unit trust and, in relation to a part of an umbrella scheme, means the rights or interests for the time being of the unit holders in that part;

• “units in, or shares of, a F105 ... [F106 UK UCITS or recognised] UCITS" means the rights or interests (however described) of the holders of the units or shares in that F105 ... [F106 UK UCITS or recognised] UCITS;

• F107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F108 (1A) In these Regulations—

(a) a “bulk transfer of accounts” occurs where two or more accounts are transferred by an account manager (“the transferor”) to another account manager (“the transferee”)—

[F109 (i) pursuant to an agreement made between the transferor and the transferee where the transfers are not made pursuant to requests made by a person who is the account investor or registered contact in relation to the accounts transferred; or

(ii) pursuant to an insurance business transfer scheme or a banking business transfer scheme under Part 7 (Control of Business Transfers) of the Financial Services and Markets Act 2000;]

(b) a “group transfer of accounts” occurs where a bulk transfer of accounts is made between account managers that are members of the same group of companies when the transfer occurs;

(c) two companies are members of the same group of companies if—

(i) one is a 75% subsidiary of the other, or

(ii) both are 75% subsidiaries of a third company.]

(2) The Table below indexes other definitions in these Regulations:

Term defined	Regulation
Account	4(1)
[F110 Cash account	[F111 4(1A)(a) and (c)]]
Component	[F112 4(1A)(b) and (c)]
The disqualifying circumstances	17(1)
Interim claim	25
F113 . . .	F113 . . .
F113 . . .	F113 . . .
F114 . . .	F114 . . .
Qualifying circumstances	14(1)
Qualifying individual	10
Qualifying investments for a stocks and shares component	7
Qualifying investments for a cash component	8
[F115 Qualifying investments for a Lifetime ISA component	8ZA]
F116 . . .	F116 . . .
Qualifying securities	7(2)(b)
[F117 Registered contact	2C]
[F110 Stocks and shares account	[F118 4(1A)(a) and (b)]]
[F119 Subscription limit – junior ISA account]	[F117 4ZB]
[F119 Subscription limit – other accounts]	[F117 4ZA]
F114 . . .	F114 . . .
F113 . . .	F113 . . .

Textual Amendments

F1 Words in reg. 2(1)(a) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 3(a)(i)

F2 Words in reg. 2(1)(a) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 169(3)

F3 Words in reg. 2(1)(a) substituted (6.4.2014) by The Individual Savings Account (Amendment) Regulations 2014 (S.I. 2014/654), regs. 1(1), 3(a)

F4 Words in reg. 2(1)(a) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(a)

F5 Words in reg. 2(1)(a) added (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 3(a)(ii)

F6 Words in reg. 2(1)(a) substituted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 3(a)

F7 Words in reg. 2(1) substituted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 3(2)(a)(i)

F8 Word in reg. 2(1) inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 3(2)(a)(ii)

F9 Words in reg. 2(1)(a) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(b)

F10 Words in reg. 2(1)(a) omitted (retrospective to 6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 144(a), 146 (with Sch. 8 paras. 147-157)

F11 Words in reg. 2(1)(a) omitted (retrospective to 6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 85(a), 89 (with Sch. 8 paras. 90-96)

F12 Words in reg. 2(1)(a) inserted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 3(b)

F13 Words in reg. 2(1)(a) inserted (6.4.2018) by The Individual Savings Account (Amendment No. 3) Regulations 2017 (S.I. 2017/1089), regs. 1, 3(a)

F14 Words in reg. 2(1) substituted (1.1.2016) by virtue of The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 8(2)

F15 Words in reg. 2(1)(a) inserted (6.4.2014) by The Individual Savings Account (Amendment) Regulations 2014 (S.I. 2014/654), regs. 1(1), 3(b)

F16 Words in reg. 2(1)(a) substituted (6.10.2005) by The Individual Savings Account (Amendment No. 2) Regulations 2005 (S.I. 2005/2561), regs. 1, 3

F17 Words in reg. 2(1)(a) inserted (1.1.2007) by The Individual Savings Account (Amendment) Regulations 2006 (S.I. 2006/3194), regs. 1, 3

F18 Words in reg. 2(1)(a) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(c)

F19 Words in reg. 2(1)(a) inserted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(2)(b)

F20 Words in reg. 2(1)(a) substituted (retrospective to 6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 85(b), 89 (with Sch. 8 paras. 90-96)

F21 Words in reg. 2(1)(a) inserted (1.11.2016) by The Individual Savings Account (Amendment No. 3) Regulations 2016 (S.I. 2016/977), regs. 1, 3(b)

F22 Words in reg. 2(1)(a) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(d)

F23 Words in reg. 2(1)(a) inserted (retrospective to 1.11.2011) by The Individual Savings Account (Amendment) (No. 2) Regulations 2012 (S.I. 2012/1871), regs. 2, 5(a)

F24 Words in reg. 2(1)(a) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 169(4)

F25 Word in reg. 2(1)(a) inserted (1.7.2015) by The Individual Savings Account (Amendment No. 4) Regulations 2015 (S.I. 2015/1370), regs. 1, 3(a)(i)

F26 Words in reg. 2(1)(a) substituted (11.8.2009) by The Individual Savings Account (Amendment No. 2) Regulations 2009 (S.I. 2009/1994), regs. 1(1), 3(a)(i)

F27 Punctuation in reg. 2(1)(a) substituted (1.7.2015) by The Individual Savings Account (Amendment No. 4) Regulations 2015 (S.I. 2015/1370), regs. 1, 3(a)(ii)

F28 Words in reg. 2(1)(a) omitted (1.7.2015) by virtue of The Individual Savings Account (Amendment No. 4) Regulations 2015 (S.I. 2015/1370), regs. 1, 3(a)(iii)

F29 Words in reg. 2(1)(a) inserted (6.4.2018) by The Individual Savings Account (Amendment No. 3) Regulations 2017 (S.I. 2017/1089), regs. 1, 3(b)

F30 Words in reg. 2(1)(a) inserted (27.12.2005) by The Individual Savings Account (Amendment No. 3) Regulations 2005 (S.I. 2005/3350), regs. 1, 3

F31 Words in reg. 2(1)(a) inserted (9.11.2011 retrospective for specified purposes, 8.8.2012 for remaining purposes) by The Individual Savings Account (Amendment) (No. 2) Regulations 2012 (S.I. 2012/1871), regs. 1, 3, 5(c)

F32 Words in reg. 2(1) inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 3(2)(b)

F33 Words in reg. 2(1)(a) inserted (6.4.2015) by The Individual Savings Account (Amendment No. 2) Regulations 2015 (S.I. 2015/869), regs. 1, 3

F34 Words in reg. 2(1)(a) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(2)(c)

F35 Words in reg. 2(1)(a) inserted (6.4.1999) by The Individual Savings Account (Amendment) Regulations 1998 (S.I. 1998/3174), regs. 1, 3(2)(a)

F36 Words in reg. 2(1)(a) added (1.2.2011) by The Dormant Bank and Building Society Accounts (Tax) Regulations 2011 (S.I. 2011/22), regs. 1(1), 9(2)

F37 Words in reg. 2(1)(a) substituted (5.8.2013) by The Individual Savings Account (Amendment No. 3) Regulations 2013 (S.I. 2013/1743), regs. 1(1), 3(a)

F38 Words in reg. 2(1)(a) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(e)

F39 Words in reg. 2(1)(a) omitted (6.4.2013) by virtue of The Income Tax (Removal of Ordinary Residence) Regulations 2013 (S.I. 2013/605), regs. 1, 4(2) (with reg. 2(a))

F40 Words in reg. 2(1) inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 3(2)(c)

F41 Words in reg. 2(1)(a) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 169(5)

F42 Words in reg. 2(1)(a) substituted (15.8.2013) by The Individual Savings Account (Amendment) Regulations 2014 (S.I. 2014/654), regs. 1(2), 3(c)

F43 Words in reg. 2(1)(a) inserted (15.8.2013) by The Individual Savings Account (Amendment) Regulations 2014 (S.I. 2014/654), regs. 1(2), 3(c)

F44 Words in reg. 2(1)(a) substituted (9.11.2011 retrospective for specified purposes, 8.8.2012 for remaining purposes) by The Individual Savings Account (Amendment) (No. 2) Regulations 2012 (S.I. 2012/1871), regs. 1, 3, 5(d)

F45 Words in reg. 2(1)(a) inserted (1.2.2016) by The Individual Savings Account (Amendment) Regulations 2016 (S.I. 2016/16), regs. 1, 3(1)

F46 Words in reg. 2(1)(a) inserted (with effect in accordance with reg. 1 of the amending S.I.) by The Individual Savings Account (Amendment) Regulations 2016 (S.I. 2016/16), regs. 1, 3(2)

F47 Words in reg. 2(1)(a) substituted (6.4.1999) by The Individual Savings Account (Amendment) Regulations 1998 (S.I. 1998/3174), regs. 1, 3(2)(b)

F48 Words in reg. 2(1) inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 3(2)(d)

F49 Words in reg. 2(1)(a) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(2)(d)

F50 Words in reg. 2(1)(a) omitted (1.7.2015) by virtue of The Individual Savings Account (Amendment No. 4) Regulations 2015 (S.I. 2015/1370), regs. 1, 3(b)

F51 Words in reg. 2(1)(a) substituted (6.4.2017) by The Individual Savings Account (Amendment) Regulations 2017 (S.I. 2017/186), regs. 1, 3

F52 Words in reg. 2(1)(a) inserted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(2)(e)

F53 Words in reg. 2(1)(a) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(f)

F54 Words in reg. 2(1)(a) omitted (1.12.2001) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 169(6)

F55 Words in reg. 2(1) inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 3(2)(e)

F56 Words in reg. 2(1)(a) inserted (8.8.2012) by The Individual Savings Account (Amendment) (No. 2) Regulations 2012 (S.I. 2012/1871), regs. 1, 5(e)

F57 Words in reg. 2(1)(a) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(g)

F58 Words in reg. 2(1)(a) substituted (6.4.1999) by The Individual Savings Account (Amendment) Regulations 1998 (S.I. 1998/3174), regs. 1, 3(2)(c)

F59 Words in reg. 2(1)(a) substituted (1.11.2016) by The Individual Savings Account (Amendment No. 3) Regulations 2016 (S.I. 2016/977), regs. 1, 3(a)

F60 Words in reg. 2(1)(a) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(h)

F61 Words in reg. 2(1)(a) inserted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(2)(g)

F62 Words in reg. 2(1) inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 3(2)(f)

F63 Words in reg. 2(1)(a) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(i)

F64 Words in reg. 2(1)(a) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(j)

F65 Words in reg. 2(1)(a) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(2)(h)

F66 Words in reg. 2(1)(a) inserted (with effect in accordance with reg. 1 of the amending S.I.) by The Individual Savings Account (Amendment) Regulations 2016 (S.I. 2016/16), regs. 1, 3(3)

F67 Words in reg. 2(1)(a) omitted (6.4.2014) by virtue of The Individual Savings Account (Amendment) Regulations 2014 (S.I. 2014/654), regs. 1(1), 3(e)

F68 Words in reg. 2(1)(a) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 3(k)

F69 Words in reg. 2(1)(a) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(2)(j)

F70 Words in reg. 2(1)(a) inserted (retrospective to 6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 85(c), 89 (with Sch. 8 paras. 90-96)

F71 Words in reg. 2(1)(a) inserted (retrospective to 6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 144(b), 146 (with Sch. 8 paras. 147-157)

F72 Words in reg. 2(1)(a) substituted (6.4.1999) by The Individual Savings Account (Amendment) Regulations 1998 (S.I. 1998/3174), regs. 1, 3(2)(d)

F73 Words in reg. 2(1)(a) substituted (16.12.2008) by The Individual Savings Account (Amendment No. 3) Regulations 2008 (S.I. 2008/3025), regs. 1, 3(a)

F74 Words in reg. 2(1)(a) added (16.12.2008) by The Individual Savings Account (Amendment No. 3) Regulations 2008 (S.I. 2008/3025), regs. 1, 3(b)

F75 Words in reg. 2(1)(a) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 3(c)

F76 Words in reg. 2(1)(a) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 3(b)

F77 Words in reg. 2(1)(b) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 169(8)

F78 Words in reg. 2(1)(b) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(3)(a)

F79 Words in reg. 2(1) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(2)(a)

F80 Words in reg. 2(1)(b) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 169(9)

F81 Words in reg. 2(1)(b) omitted (11.8.2009) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2009 (S.I. 2009/1994), regs. 1(1), 3(b)(i)

F82 Words in reg. 2(1)(b) added (11.8.2009) by The Individual Savings Account (Amendment No. 2) Regulations 2009 (S.I. 2009/1994), regs. 1(1), 3(b)(v)

F83 Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(2)(b)

F84 Words in reg. 2(1)(b) inserted (13.12.2000) by The Individual Savings Account (Amendment No. 3) Regulations 2000 (S.I. 2000/3112), regs. 1, 3

F85 Words in reg. 2(1)(b) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(3)(c)

F86 Words in reg. 2(1)(b) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 4

F87 Words in reg. 2(1)(b) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 7 (with reg. 3)

F88 Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(2)(c)

F89 Words in reg. 2(1)(b) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 4

F90 Words in reg. 2(1)(b) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(3)(d)

F91 Words in reg. 2(1)(b) inserted (27.12.2005) by The Individual Savings Account (Amendment No. 3) Regulations 2005 (S.I. 2005/3350), regs. 1, 4(c)

F92 Word in reg. 2(1)(b) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(3)(f)

F93 Word in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(2)(d)(i)

F94 Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(2)(d)(ii)

F95 Words in reg. 2(1)(b) substituted (11.8.2009) by The Individual Savings Account (Amendment No. 2) Regulations 2009 (S.I. 2009/1994), regs. 1(1), 3(b)(iii)

F96 Word in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(2)(e)

F97 Words in reg. 2(1)(b) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(3)(g)

F98 Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(2)(f)(i)

F99 Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(2)(f)(ii)

F100 Words in reg. 2(1)(b) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 169(16)

F101 Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(2)(g)

F102 Words in reg. 2(1)(b) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(3)(h)(i)

F103 Words in reg. 2(1)(b) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(3)(h)(ii)

F104 Words in reg. 2(1)(b) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(3)(i)

F105 Words in reg. 2(1)(b) omitted (17.11.2003 with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Individual Savings Account (Amendment) Regulations 2003 (S.I. 2003/2747), regs. 1(1), 3(c)

F106 Words in reg. 2(1)(b) inserted (11.8.2009) by The Individual Savings Account (Amendment No. 2) Regulations 2009 (S.I. 2009/1994), regs. 1(1), 3(b)(iv)

F107 Words in reg. 2(1)(b) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 3(3)(j)

F108 Reg. 2(1A) inserted (retrospective to 9.11.2011) by The Individual Savings Account (Amendment) (No. 2) Regulations 2012 (S.I. 2012/1871), regs. 3, 6

F109 Reg. 2(1A)(a)(i)(ii) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Individual Savings Account (Amendment No. 3) Regulations 2013 (S.I. 2013/1743), regs. 1(1), 3(b)

F110 Reg. 2(2) entries inserted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 4(c)

F111 Words in reg. 2(2) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 5(a)

F112 Words in reg. 2(2) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 5(b)

F113 Reg. 2(2) entries omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 4(b)

F114 Words in reg. 2(2) omitted (1.11.2011) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 5(d)

F115 Words in reg. 2(2) inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 3(3)

F116 Words in reg. 2(2) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 4

F117 Words in reg. 2(2) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 5(e)

F118 Words in reg. 2(2) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 5(c)

F119 Words in reg. 2(2) substituted (1.7.2014) by The Individual Savings Account (Amendment No. 2) Regulations 2014 (S.I. 2014/1450), regs. 1, 3

Marginal Citations

M1 1986 c.53.

M2 Number 17 of 1989.

M3 1992 c.40.

M4 1970 c.9.

M5 1992 c.40.

M6 1988 c.1; section 187 was amended by paragraph 9 of Schedule 12 to the Finance Act 1989 (c.26), sections 38 and 41 of the Finance Act 1991, paragraph 14(1) and (13) of Schedule 10 to the Taxation of Chargeable Gains Act 1992, paragraph 12(a) of Part III of Schedule 4, and Part II of Schedule 7 to the Pensions Act 1995 (c.26) and sections 116 and 117(2) of, and Part V(5) of Schedule 41 to, the Finance Act 1996 (c.8).

M7 Section 231 was amended by section 106 of and Part IV of Schedule 17 to the Finance Act 1989, paragraph 2 of Schedule 7 to the Finance Act 1990, paragraph 12 of Schedule 20 and Part V(10) of Schedule 41 to the Finance Act 1996, Part VI(7) of Schedule 18 to the Finance Act 1997 (c.16), and sections 19, 22 and 30 of, and paragraph 4 of Schedule 4, and Part II(9) of Schedule 8 to, the Finance (No. 2) Act 1997 (c.58).