The Individual Savings Account Regulations 1998

Transfer of accounts to other account managers U.K.

21.—(1) No transfer shall be made of—

(a) any subscriptions to the account, made by the account investor in the year in which a transfer under this regulation takes place, but prior to the transfer, or

(b) the qualifying investments and other proceeds representing those subscriptions,

except by means of a transfer of the whole of the account pursuant to paragraph (2).

(2) Subject to paragraph (5), where—

(a) arrangements are made by an account investor to transfer an account from one account manager (“the transferor") to another account manager (“the transferee"), or

(b) an account is transferred in consequence of the transferor ceasing to act or to qualify as an account manager,

the transfer shall have effect and the account, its components and its designation under regulation 4(1)(b) shall not otherwise be affected for the purpose of these Regulations by reason of the transfer.

(3) Subject to paragraphs (1), (4) and (5), where arrangements are made by an account investor to transfer the investments forming part of an account, that is—

(a) part of the qualifying investments and cash proceeds held under a component, or

(b) the whole of the qualifying investments and cash proceeds held under a particular component (where there is more than one component),

of an account held by him from one account manager (“the transferor") to another account manager (“the transferee"), the transfer shall have effect and the account, its components and its designation under regulation 4(1)(b) shall not otherwise be affected for the purpose of these Regulations by reason of the transfer.

(4) Where a transfer takes place pursuant to paragraph (3)—

(a) all subscriptions to the account made by the account investor in the year in which the transfer under that paragraph takes place (whether before or after the transfer) must be made to a single account manager, and subject thereto,

(b) the transferee shall thereafter be the account manager in relation to the qualifying investments and cash proceeds transferred, and all references in these Regulations to the account manager shall, so far as relates to account investments transferred under that paragraph, be thereafter taken to be references to the transferee.

(5) The transferor shall within 30 days after the date of the transfer give the transferee a notice containing the information specified in paragraph (6) and the declaration specified in paragraph (7).

(6) The information specified in this paragraph is—

(a) as regards the account investor—

(i) his full name,

(ii) the address of his permanent residence, including postcode,

(iii) his date of birth, and

(iv) if he has one, his national insurance number, and

(b) as regards an account transferred pursuant to paragraph (2)—

(i) whether the account is a maxi-account, a mini-account made up of a specified component or a TESSA only account,

(ii) the date of the transfer,

(iii) the total amount of cash subscribed to the account during the period from the beginning of the year in which the transfer takes place to the date of the transfer, and the amounts respectively allocated to each component of the account,

(iv) the identification of the assets belonging to each component, where there are more than one component,

(v) the amount of any dividends on account investments which are payable to, but have not been received by, the transferor at the date of the transfer, and

(vi) any amount which is, or will become, due under regulation 23 which has not been paid to the Board at the date of the transfer, and

(c) as regards part of an account transferred pursuant to paragraph (3)—

(i) the date of the transfer,

(ii) the identification of the assets belonging to each component, where there are more than one component,

(iii) the amount of any dividends on account investments which are payable to, but have not been received by, the transferor at the date of the transfer, and

(iv) any amount which is, or will become, due under regulation 23 which has not been paid to the Board at the date of the transfer.

(7) The declaration specified in this paragraph is a declaration by the transferor that—

(a) he has fulfilled all his obligations to account investors, to the Board or otherwise, which are imposed by these Regulations;

(b) he has transferred to the transferee or a nominee for the transferee any account investments which are being transferred by virtue of the transfer and that, where registration of any such transfer is required, he has taken the necessary steps to ensure that those account investments can be registered in the name of the transferee or the nominee;

(c) that the information contained in the notice is correct.