F1Closure of F2cash account F6that is not a junior ISA account prior to the opening of the same type of account to be disregarded once4B

1

Where—

a

an account investor, within the same year—

i

subscribes to a F3cash account,

ii

then closes it (“the closed account”), and

iii

subsequently first subscribes to another F4cash account, and

b

the closed account was (apart from under this regulation) exempt from tax under regulation 22(1),

the earliest account in that year to fall within the terms of sub-paragraph (a)(iii) (the “first later account”) shall be eligible for the relief in paragraph (2).

2

The first later account shall be treated, as from the date of the first subscription to it mentioned in paragraph (1)(a)(iii) F5as complying with the conditions of F7regulation 4(1B)(a) in the same manner as the closed account.

3

In this regulation, an account is closed where—

a

the account investor withdraws from the account all account investments, other proceeds in respect of such investments and cash, representing subscriptions to the account (and closure shall be treated as occurring at the date of such withdrawal), and

b

no further subscriptions to the account are made during the remainder of the year, after such withdrawal.