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The Individual Savings Account Regulations 1998

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Changes over time for: Section 5C

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There are currently no known outstanding effects for the The Individual Savings Account Regulations 1998, Section 5C. Help about Changes to Legislation

[F1Treatment of certain sums held in dormant accountsU.K.

5C.(1) Regulations 30 and 31 (information by account managers) shall not apply to a dormant account, while section 1 or 2 of the Dormant Bank and Building Society Accounts Act 2008 (“the 2008 Act”) [F2or sections 2, 5, 8, 12 or 14 of the Dormant Assets Act 2022] applies in relation to that account.

(2) Where, following a repayment claim, the balance of a dormant account is paid—

(a)back into the account (in a case where the original F3... account can be reinstated with the same account manager, the same account investor and number), or

(b)into another F4... account in the same account investor’s name F5... (in any other case),

the payment into the account shall not count towards the subscription [F6limit] in [F7regulation 4ZA(1)].

(3) In this regulation, “repayment claim” means a repayment claim mentioned in section 5(6) of the 2008 Act, and other terms used in this regulation and that Act have the same meaning in this regulation as in that Act.]

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