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The Individual Savings Account Regulations 1998
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- UK Statutory Instruments
- 1998 No. 1870
- Regulation 5DA
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Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- reg. 4(6)(aa) inserted by S.I. 2024/1022 reg. 3(a)
- reg. 4(6)(ba) inserted by S.I. 2024/1022 reg. 3(c)
- reg. 4(6)(da) inserted by S.I. 2024/1022 reg. 3(e)
- reg. 7(2)(r) inserted by S.I. 2024/1022 reg. 6(4)
- reg. 7(2B)(2C) inserted by S.I. 2024/1022 reg. 6(5)
- reg. 21(6ZA) inserted by S.I. 2024/1022 reg. 8(b)
- reg. 21A(3ZA) inserted by S.I. 2024/1022 reg. 9(b)
[F1Defaulted cash account subscriptionU.K.
5DA. A subscription is a defaulted cash account subscription if—
(a)it is made to an account (which may be a stocks and shares account[F2, a cash account, an innovative finance account or a Lifetime ISA]) held by an account investor who held a cash account (“defaulted cash account”) in respect of which a default event occurred no more than 180 days before the subscription is made; and
(b)it does not exceed the amount held in the defaulted cash account immediately before the default event occurred (including interest accrued but not paid at that time) [F3plus, in the case of a flexible account, in the year in which the default event occurred and before such event, the amount (if any) of cash withdrawn from the account which was not replaced by a replacement subscription].]
Textual Amendments
F1Regs. 5D-5DM inserted (8.8.2012) by The Individual Savings Account (Amendment) (No. 2) Regulations 2012 (S.I. 2012/1871), regs. 1, 11
F2Words in reg. 5DA(a) substituted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 11
F3Words in reg. 5DA(b) 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, 8
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