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The Individual Savings Account Regulations 1998
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- UK Statutory Instruments
- 1998 No. 1870
- Regulation 5DL
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[F1Specified amount for the purposes of a defaulted investment subscription in respect of a Lehman Brothers investmentU.K.
5DL.—(1) This regulation determines the amount which a defaulted investment subscription must not exceed for the purposes of regulation 5DB(b) in relation to a defaulted investment payment made or treated as made in respect of a Lehman Brothers investment.
(2) Where one or more defaulted investment payments in respect of a Lehman Brothers investment are made on 8th August 2012 or are treated as made on that day by virtue of regulations 5DH or 5DK, they shall be treated as if they comprised a single defaulted investment payment made on that day of an amount which is the greater of—
(a)the value of the investment at the opening of trading on the London Stock Exchange on 15th September 2008; or
(b)the total of the payments made or treated as made by virtue of regulation 5DH on 8th August 2012.
(3) Where a defaulted investment payment in respect of a Lehman Brothers investment is made after 8th August 2012, its amount for the purposes of regulation 5DB(b) is the greater of—
(a)the amount determined by the formula where—
(i)“A” is the total of the single defaulted investment payment treated as made on 8th August 2012 in respect of the investment by virtue of paragraph (2) and all defaulted investment payments made in respect of it in the period commencing immediately after that day and ending immediately after the defaulted investment payment in question;
(ii)“B” is the total of all defaulted investment subscriptions made in respect of the Lehman Brothers investment before the subscription in question; or
(b)the amount determined by the formula 
where—
(i)“C” is the value of the investment at the opening of trading on the London Stock Exchange on 15th September 2008;
(ii)“D” is the total of all defaulted investment subscriptions made in respect of the Lehman Brothers investment before the subscription in question.]
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
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